6-K - MTA - Equibles

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of: May, 2022

Commission file number:001-39166

Metalla Royalty & Streaming Ltd. (Translation of registrant's name into English)

501- 543 Granville Street, Vancouver, BC, V6C 1X8 (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover:

[ ] Form 20-F [X] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

EXHIBIT INDEX

EXHIBITS 99.1, 99.4 AND 99.5 INCLUDED WITH THIS REPORT ARE HEREBY INCORPORATED BY REFERENCE AS EXHIBITS TO THE REGISTRANT'S REGISTRATION STATEMENTS ON FORM F-10 (FILE NO. 333-264810), AS AMENDED AND SUPPLEMENTED, AND ON FORM S-8 (FILE NOS. 333-234659 AND 333-249938) AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

Exhibit	Description
99.1	Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2022 and 2021
99.2	CEO Certification for period ended March 31, 2022
99.3	CFO Certification for period ended March 31, 2022
99.4	Management Discussion & Analysis for the three months ended March 31, 2022
99.5	Consent of Charles Beaudry
99.6	Press Release dated May 13, 2022

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 13, 2022	/s/ Kim Casswell
	Kim Casswell
	Corporate Secretary

Metalla Royalty & Streaming Ltd. : Exhibit 99.1 - Filed by newsfilecorp.com

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited - Expressed in United States Dollars)

FOR THE THREE MONTHS ENDED

MARCH 31, 2022 AND 2021

METALLA ROYALTY & STREAMING LTD.CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION<br>(Unaudited - Expressed in United States dollars)
			As at
---	---	---	---	---	---	---	---
	Notes		March 31,			December 31,
			2022			2021
ASSETS
Current assets
Cash and cash equivalents		$	3,271,967		$	2,344,246
Accounts receivable	3		1,344,302			1,301,173
Current portion of derivative royalty asset	5		2,150,928			2,144,547
Prepaid expenses and other			850,587			739,708
Total current assets			7,617,784			6,529,674
Non-current assets
Royalty, stream, and other interests	4		103,332,959			102,863,762
Derivative royalty asset	5		1,446,283			1,889,460
Investment in Silverback	6		1,349,695			1,340,458
Total non-current assets			106,128,937			106,093,680
TOTAL ASSETS		$	113,746,721		$	112,623,354
LIABILITIES AND EQUITY
LIABILITIES
Current liabilities
Trade and other payables	7	$	570,659		$	1,089,219
Total current liabilities			570,659			1,089,219
Non-current liabilities
Loans payable	8		10,770,202			10,514,644
Deferred income tax liabilities			496,648			468,068
Total non-current liabilities			11,266,850			10,982,712
Total liabilities			11,837,509			12,071,931
EQUITY
Share capital	12		136,403,218			133,905,784
Reserves			13,143,506			12,050,932
Deficit			(47,637,512	)		(45,405,293	)
Total equity			101,909,212			100,551,423
TOTAL LIABILITIES AND EQUITY		$	113,746,721		$	112,623,354

These condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on May 12, 2022.

Approved by the Board of Directors

"Brett Heath" Director	"Terry Krepiakevich" Director

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

METALLA ROYALTY & STREAMING LTD.CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS<br>(Unaudited - Expressed in United States dollars, except for share amounts)
			Three months ended
---	---	---	---	---	---	---	---
			March 31,
	Notes		2022			2021
Revenue from royalty interests	9	$	668,997		$	674,585
Depletion on royalty interests	4		(530,803	)		(474,156	)
Gross profit			138,194			200,429
General and administrative expenses	10		(869,993	)		(995,686	)
Share-based payments	12		(1,202,464	)		(993,721	)
Loss from operations			(1,934,263	)		(1,788,978	)
Share of net income of Silverback	6		26,022			71,775
Mark-to-market gain (loss) on derivative royalty asset	5		186,490			(247,757	)
Interest expense	8		(320,203	)		(167,453	)
Finance charges	8		(34,922	)		(55,135	)
Fair value adjustment on marketable securities			13,426			548
Foreign exchange loss			(82,214	)		(132,672	)
Other income (expenses)			3,715			(5,700	)
Loss before income taxes			(2,141,949	)		(2,325,372	)
Current income tax expense	11		(61,690	)		(17,891	)
Deferred income tax expense	11		(28,580	)		(34,461	)
Net loss and comprehensive loss		$	(2,232,219	)	$	(2,377,724	)
Earnings (loss) per share - basic and diluted		$	(0.05	)	$	(0.06	)
Weighted average number of shares outstanding - basic and diluted			44,271,600			40,709,081

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

METALLA ROYALTY & STREAMING LTD.CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS<br>(Unaudited - Expressed in United States dollars)
			Three months ended
---	---	---	---	---	---	---	---
			March 31,
	Notes		2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(2,232,219	)	$	(2,377,724	)
Items not affecting cash:
Share of net income of Silverback	6		(26,022	)		(71,775	)
Mark-to-market loss (gain) on derivative royalty asset	5		(186,490	)		247,757
Depletion			530,803			474,156
Interest and accretion expense			320,203			167,453
Finance charges			34,922			55,135
Share-based payments			1,202,464			993,721
Deferred income tax expense			28,580			34,461
Fair value adjustment on marketable securities			(13,426	)		(548	)
Unrealized foreign exchange effect			83,492			49,486
			(257,693	)		(427,878	)
Payments received from derivative royalty asset	5		562,675			1,040,100
Changes in non-cash working capital items:
Accounts receivable			17,482			207,627
Prepaid expenses and other			(96,926	)		194,348
Trade and other payables			(518,560	)		(954,895	)
Net cash provided by (used in) operating activities			(293,022	)		59,302
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of royalty and stream interests	4		(1,000,000	)		(14,710,947	)
Dividends received from Silverback	6		16,785			-
Net cash used in investing activities			(983,215	)		(14,710,947	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options			157,467			88,684
Proceeds from ATM, net of share issue costs			2,230,077			9,514,838
Proceeds from convertible loan facility	8		-			4,011,231
Interest paid	8		(124,168	)		(85,380	)
Finance charges paid	8		(34,922	)		(55,135	)
Net cash provided by financing activities			2,228,454			13,474,238
Effect of exchange rate changes on cash and cash equivalents			(24,496	)		10,249
Changes in cash and cash equivalents during period			927,721			(1,167,158	)
Cash and cash equivalents, beginning of period			2,344,246			5,299,904
Cash and cash equivalents, end of period		$	3,271,967		$	4,132,746

Supplemental disclosure with respect to cash flows (Note 14)

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

METALLA ROYALTY & STREAMING LTD.CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY<br>(Unaudited - Expressed in United States dollars, except for share amounts)
	Number of<br>shares		Share<br>capital		Reserves			Deficit			Total<br>equity
---	---	---	---	---	---	---	---	---	---	---	---	---
Balance as at December 31, 2020	39,739,047	$	98,130,183	$	11,233,630		$	(34,978,936	)	$	74,384,877
Shares issued in ATM, net of issue costs	1,031,493		9,514,838		-			-			9,514,838
Issuance of committed shares	401,875		4,111,181		(4,111,181	)		-			-
Conversion on loan payable (Note 8)	505,050		4,141,329		(697,663	)		-			3,443,666
Allocation of conversion feature net of taxes (Note 8)	-		-		607,759			-			607,759
Exercise of stock options	55,416		173,087		(84,403	)		-			88,684
Share-based payments - stock options	-		-		663,642			-			663,642
Share-based payments - restricted share units	-		-		330,079			-			330,079
Loss for the period	-		-		-			(2,377,724	)		(2,377,724	)
Balance as at March 31, 2021	41,732,881	$	116,070,618	$	7,941,863		$	(37,356,660	)	$	86,655,821
	Number of<br>shares		Share<br>capital		Reserves			Deficit			Total<br>equity
---	---	---	---	---	---	---	---	---	---	---	---	---
Balance as at December 31, 2021	44,035,569	$	133,905,784	$	12,050,932		$	(45,405,293	)	$	100,551,423
Shares issued in ATM, net of issue costs	348,443		2,230,077		-			-			2,230,077
Exercise of stock options	87,500		267,357		(109,890	)		-			157,467
Share-based payments - stock options	-		-		587,301			-			587,301
Share-based payments - restricted share units	-		-		615,163			-			615,163
Loss for the period	-		-		-			(2,232,219	)		(2,232,219	)
Balance as at March 31, 2022	44,471,512	$	136,403,218	$	13,143,506		$	(47,637,512	)	$	101,909,212

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)

1. NATURE OF OPERATIONS

Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company"), incorporated in Canada, is a precious metals royalty and streaming company, which engages in the acquisition and management of precious metal royalties, streams, and similar production-based interests. The Company's common shares are listed on the TSX Venture Exchange ("TSX-V") under the symbol "MTA" and on the NYSE American ("NYSE") under the symbol "MTA". The head office and principal address is 501 - 543 Granville Street, Vancouver, British Columbia, Canada.

The Company has incurred a cumulative deficit to date of $47,637,512 as at March 31, 2022, and has had losses from operations for multiple years. Continued operations of the Company are dependent on the Company's ability to generate profitable earnings in the future, receive continued financial support, and/or complete external financing. Management expects that its cash balance, cash flows from operating activities, and available credit facilities will be sufficient to fund the operations of the Company for the next twelve months.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Statement of Compliance

These condensed interim consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. Accordingly, certain disclosures included in the annual financial statements prepared in accordance with IFRS have been condensed or omitted. These condensed interim consolidated financial statements should be read in conjunction with the Company's most recent annual consolidated financial statements for the twelve months ended December 31, 2021.

(b) Basis of Preparation and Measurement

These condensed interim consolidated financial statements have been prepared on a historical cost basis, except for financial instruments, which have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.

These condensed interim consolidated financial statements are presented in United States dollars except as otherwise indicated.

(c) Accounting policies

The accounting policies applied in the preparation of these condensed interim consolidated financial statements are consistent with those applied and disclosed in the Company's most recent annual consolidated financial statements for the twelve months ended December 31, 2021.

- 6 -
METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)
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3. ACCOUNTS RECEIVABLE

		As at
		March 31,		December 31,
		2022		2021
Royalty, derivative royalty, and stream receivables	$	1,188,917	$	1,175,602
GST and other recoverable taxes		137,805		125,571
Other receivables		17,580		-
Total accounts receivable	$	1,344,302	$	1,301,173

As at March 31, 2022, and December 31, 2021, the Company did not have any royalty, derivative royalty and stream receivables that were past due. The Company's allowance for doubtful accounts as at March 31, 2022, and December 31, 2021, was $Nil.

4. ROYALTY, STREAM, AND OTHER INTERESTS

		Producing<br>assets			Development<br>assets			Exploration<br>assets			Total
As at December 31, 2020	$	13,251,612		$	45,218,412		$	5,262,433		$	63,732,457
Amalgamated Kirkland acquisition		-			562,656			-			562,656
Tocantinzinho acquisition		-			9,023,354			-			9,023,354
CentroGold acquisition		-			7,039,552			-			7,039,552
Del Carmen acquisition		-			1,301,982			-			1,301,982
Côté-Gosselin acquisition		-			6,185,363			-			6,185,363
La Fortuna acquisition		-			2,268,776			-			2,268,776
Castle Mountain acquisition		-			15,125,253			-			15,125,253
Depletion ^(1)^		(2,302,919	)		(30,000	)		(14,616	)		(2,347,535	)
Other		-			(64,654	)		36,558			(28,096	)
As at December 31, 2021	$	10,948,693		$	86,630,694		$	5,284,375		$	102,863,762
Beaufor amendment		-			1,000,000			-			1,000,000
Endeavor Silver Stream reclassification ^(2)^		(1,748,097	)		1,748,097			-			-
Depletion		(530,803	)		-			-			(530,803	)
As at March 31, 2022	$	8,669,793		$	89,378,791		$	5,284,375		$	103,332,959
Historical cost	$	12,405,012		$	94,747,028		$	5,309,088		$	112,461,128
Accumulated depletion	$	(3,735,219	)	$	(5,368,237	)	$	(24,713	)	$	(9,128,169	)

(1) Fixed royalty payments were received in relation to certain exploration and development assets. The depletion related to these payments was recorded based on the total fixed royalty payments expected to be received under each contract.

(2) The Endeavor mine was previously classified as production, however it was placed on care and maintenance in December 2019 and has not since restarted, as such the Company has reclassified it to development stage properties.

(a) During the three months ended March 31, 2022, the Company had the following transactions:

Beaufor Amendment

In February 2022, the Company amended an existing 1.0% NSR royalty on Monarch Mining Corporation's ("Monarch") Beaufor Mine ("Beaufor"). In consideration for $1.0 million in cash paid to Monarch, Monarch agreed to waive a clause stipulating that payments under the NSR royalty were only payable after 100Koz of gold have been produced by Monarch following its acquisition of Beaufor.

- 7 -
METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)
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4. ROYALTY, STREAM, AND OTHER INTERESTS (cont'd…)

(b) During the twelve months ended December 31, 2021, the Company had the following acquisitions:

Amalgamated Kirkland Acquisition

In February 2021, the Company closed an agreement to acquire an existing 0.45% Net Smelter Return ("NSR") royalty on Agnico Eagle Mines Ltd.'s Amalgamated Kirkland property ("AK Property") in its Kirkland Lake project, and an existing 0.45% NSR royalty on Kirkland Lake Gold's North Amalgamated Kirkland property ("North AK Property") at its Macassa mine, from private third parties for total consideration of C$0.7 million in cash. The Company incurred $23,936 in transaction costs associated with this transaction.

Del Carmen Acquisition

In February 2021, the Company closed an agreement to acquire an existing 0.5% NSR royalty on Barrick Gold Corp.'s Del Carmen project ("Del Carmen"), which is part of the 9Moz Au Alturas-Del Carmen project in the prolific El Indio belt in the San Juan province of Argentina, from Coin Hodl Inc. for a total consideration of C$1.6 million in cash. The Company incurred $60,067 in transaction costs associated with this transaction.

Tocantinzinho Acquisition

In March 2021, the Company closed an agreement to acquire an existing 0.75% Gross Value Return ("GVR") royalty on Eldorado Gold Corp.'s Tocantinzinho project ("Tocantinzinho") from Sailfish Royalty Corp. for a total consideration of $9.0 million in cash, of which $6.0 million was paid upon closing and the remaining $3.0 million was paid in May 2021. The Company incurred $123,354 in transaction costs associated with this transaction. Tocantinzinho is a permitted, high-grade open pit gold deposit in the prolific Tapajos district in State of Para in Northern Brazil.

CentroGold Acquisition

In March 2021, the Company closed an agreement to acquire an existing 1.0% to 2.0% NSR royalty on OZ Minerals' CentroGold project ("CentroGold") located in the State of Maranhão in northern Brazil, from Jaguar Mining Inc. ("Jaguar") for total consideration of $7.0 million in cash paid upon closing and with additional potential payments of up to $11.0 million in shares and cash subject to the completion of certain milestones. The Company incurred $83,552 in transaction costs associated with this transaction.

The royalty is a 1.0% NSR on the first 500Koz of gold production, increasing to a 2.0% NSR on the next 1.0Moz of gold production, and then reverts to a 1.0% NSR royalty on gold production thereafter in perpetuity.

The $11.0 million in milestone payments are triggered as follows:

the Company will issue to Jaguar common shares with a value of $7.0 million, priced at a 15-day Volume Weighted Average Price ("VWAP") on the NYSE, upon grant of all project licenses, the lifting or extinguishment of the injunction imposed on the CentroGold project with no pending appeals and, if necessary, the completion of any and all community relocations; and
the Company will pay Jaguar $4.0 million in cash upon the achievement of commercial production.

As at March 31, 2022, none of the milestone payment triggers had been met, as such no amounts were accrued or payable to Jaguar for any related milestone payments.

- 8 -
METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)
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4. ROYALTY, STREAM, AND OTHER INTERESTS (cont'd…)

La Fortuna Acquisition

In April 2021, the Company acquired an existing 2.5% NSR royalty on Minera Alamos Ltd.'s La Fortuna project ("La Fortuna"), from Argonaut Gold Ltd. for aggregate consideration of $2.25 million in cash, of which $1.25 million was paid upon closing and the remaining $1.0 million was paid six months after closing. The 2.5% NSR which is capped at $4.5 million is an addition to Metalla's uncapped 1.0% NSR royalty to increase the total royalty exposure to 3.5% on La Fortuna. The Company incurred $43,776 in transaction costs associated with this transaction.

Côté-Gosselin Acquisition

In June 2021, the Company acquired an existing 1.35% NSR royalty on a portion of the Côté Gold Project and all of the Gosselin Zone (located ~1.5km to the northeast of the Côté deposit) (together referred to as "Côté-Gosselin") owned by IAMGOLD Corporation and Sumitomo Metals Mining Co., Ltd., from arm's length sellers for total consideration of C$7.5 million in cash. The Company incurred $49,208 in transaction costs associated with this transaction.

Castle Mountain Acquisition

In October 2021, the Company acquired an existing 5.0% NSR royalty on the South Domes portion of the Castle Mountain Gold Mine owned by Equinox Gold Corp. ("Castle Mountain"), from an arm's length seller for total consideration of $15.0 million, of which $10.0 million was paid in cash at closing, and the remaining $5.0 million is to be paid in cash within twenty months of the closing date. The remaining payment bears interest at a rate of 4.0% per annum until fully repaid. The Company incurred $130,253 in transaction costs associated with this transaction.

5. DERIVATIVE ROYALTY ASSET

In October 2020, the Company closed an agreement to acquire an existing 27.5% price participation royalty ("PPR") interest on the operating Higginsville Gold Operations ("Higginsville") owned by Karora Resources Inc. from the Morgan Stanley Capital Group, Inc. for total consideration of $6.9 million payable in common shares of the Company. The Company issued 828,331 common shares (valued at $8.38 per share on October 13, 2020) and incurred $265,500 in transaction costs associated with this transaction. Higginsville is a low-cost open pit gold operation in Higginsville, Western Australia.

The royalty is a 27.5% PPR royalty on the difference between the average London PM fix gold price for the quarter and A$1,340/oz on the first 2,500 ounces per quarter for a cumulative total of 34,000 ounces of gold. As the amount received by the Company will vary depending on changes in the London PM fix gold price and the changes in the exchange rate between the A$ and the US$, the Company has recognized the Higginsville PPR as a derivative asset carried at fair value through profit and loss. As per IFRS 9, the Higginsville PPR was recognized as a derivative asset upon inception at $7.2 million, any cash received from the Higginsville PPR will be used to reduce the derivative asset, and at each period-end the Company will estimate the fair value of the Higginsville PPR using a valuation model with any changes between the estimated fair value and the carrying value flowing through profit or loss in the period.

At March 31, 2022, the key inputs used in the Company's valuation model for the Higginsville PPR derivative asset were:

17,390 ounces of gold remaining to be delivered (December 31, 2021 - 19,890);
Gold price estimates ranging from $1,743/oz to $1,812/oz (December 31, 2021 - $1,738/oz to $1,797/oz); and
U.S. dollar to Australian dollar exchange rate of A$1.37 to A$1.38 per $1.00 (December 31, 2021 - rates ranging from A$1.35 to A$1.37 per $1.00).

- 9 -
METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)
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5. DERIVATIVE ROYALTY ASSET (cont'd…)

Based on the valuation model the Company estimated the fair value at March 31, 2022, was $3,597,211 (December 31, 2021 - $4,034,007). The Company recorded a mark-to-market gain on the Higginsville derivative asset of $186,490 for the three months ended March 31, 2022 (March 31, 2021 - $247,757 loss).

The changes in the derivative royalty asset for the three months ended March 31, 2022, were as follows:

		Derivative
		royalty asset
As at December 31, 2020	$	6,432,610
Payments received or due under derivative royalty asset		(2,163,380	)
Mark-to-market loss on derivative royalty asset		(235,223	)
As at December 31, 2021	$	4,034,007
Payments received or due under derivative royalty asset		(623,286	)
Mark-to-market gain on derivative royalty asset		186,490
As at March 31, 2022	$	3,597,211
Current portion	$	2,150,928
Long-term portion	$	1,446,283

**6.** **INVESTMENT IN SILVERBACK**

		Period ended
		March 31,			December 31,
		2022			2021
Opening balance	$	1,340,458		$	1,668,851
Income in Silverback for the period		26,022			155,453
Distribution		(16,785	)		(483,846	)
Ending balance	$	1,349,695		$	1,340,458

The Company, through its wholly-owned subsidiary, holds a 15% interest in Silverback Ltd. ("Silverback"), which is a privately held company, whose sole business is the receipt and distribution of the net earnings of the New Luika Gold Mine ("NLGM") silver stream. Distributions to the shareholders are completed on a monthly basis. Prior to April 2021, distributions to shareholders were completed on an annual basis at minimum. Given the terms of the shareholders' agreement governing the policies over operations and distributions to shareholders, the Company's judgment is that it has significant influence over Silverback, but not control and therefore equity accounting is appropriate. Summarized financial information for Silverback for the three months ended March 31, 2022, was as follows:

		Three months ended
		March 31,
		2022			2021
Current assets	$	268,997		$	2,540,471
Non-current assets		146,258			392,866
Total assets		415,255			2,933,337
Total liabilities		(97,500	)		(17,500	)
Revenue from stream interest		241,654			562,862
Depletion		(48,752	)		(65,952	)
Net income and comprehensive income for the period	$	172,902		$	476,910
- 10 -
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METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)
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7. TRADE AND OTHER PAYABLES

		As at
		March 31,		December 31,
		2022		2021
Trade payables and accrued liabilities	$	507,953	$	1,031,688
Taxes payable		62,706		57,531
Total trade and other payables	$	570,659	$	1,089,219

**8.** **LOANS PAYABLE**

		Convertible<br>loan facility			Other<br>loans		Total
As at December 31, 2020	$	3,062,706		$	-	$	3,062,706
Additions		6,383,148			5,000,000		11,383,148
Allocation of conversion feature		(1,209,507	)		-		(1,209,507	)
Conversion		(3,185,626	)		-		(3,185,626	)
Interest expense		768,508			49,863		818,371
Interest payments		(376,428	)		-		(376,428	)
Foreign exchange adjustments		21,980			-		21,980
As at December 31, 2021	$	5,464,781		$	5,049,863	$	10,514,644
Interest expense		270,888			49,315		320,203
Interest payments		(124,168	)		-		(124,168	)
Foreign exchange adjustments		59,523			-		59,523
As at March 31, 2022	$	5,671,024		$	5,099,178	$	10,770,202

Convertible Loan Facility

In March 2019, the Company entered into a convertible loan facility (the "Loan Facility") of C$12.0 million with Beedie Capital ("Beedie") to fund acquisitions of new royalties and streams. The Loan Facility consisted of an initial advance of C$7.0 million, with the remaining C$5.0 million available for subsequent advances in minimum tranches of C$1.3 million. The facility carried an interest rate of 8.0% on amount advanced and 2.5% on standby funds available, with the principal repayment due on April 21, 2023. Per the Loan Facility, at the option of Beedie, principal outstanding could be converted into common shares of the Company at a conversion price of C$5.56 per share. In August 2019, the Company drew down the initial advance of $5.4 million (C$7.0 million) (the "First Drawdown").

On August 6, 2020, the Company completed an amendment with Beedie on its Loan Facility (the "Loan Amendment"). As part of the Loan Amendment: (i) Beedie converted C$6.0 million of the First Drawdown; (ii) the Company drew down the remaining undrawn C$5.0 million available from the Loan Facility and the conversion price of C$9.90 per share; (iii) the Loan Facility was increased by an aggregate C$20.0 million. All future advances will have a minimum amount of C$2.5 million and each advance will have its own conversion price based on a 20% premium to the 30-day VWAP of the Company's shares on the date of such advance; (iv) if for a period of 30 consecutive trading days the 30-day VWAP is at a 50% premium above any or all of the conversion prices, the Company may elect to convert the principal amount outstanding under the Loan Facility at the respective conversion prices; and (v) the standby fee on all undrawn funds available under the Loan Facility will bear an interest rate of 1.5%.

In August 2020, Beedie converted C$6.0 million of the First Drawdown at a conversion price of C$5.56 per share for a total of 1,079,136 common shares of the Company. In October 2020, Beedie converted the remaining C$1.0 million from the First Drawdown at a conversion price of C$5.56 per share for a total of 179,856 common shares of the Company.

- 11 -
METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)
---

8. LOANS PAYABLE (cont'd…)

In August 2020, as per the terms of the Loan Amendment, the Company drew down $3.8 million (C$5.0 million) (the "Second Drawdown"), at a conversion price of C$9.90 per share, from the Amended Loan Facility. In March 2021, Beedie converted the entire C$5.0 million from the Second Drawdown at a conversion price of C$9.90 per share for a total of 505,050 common shares of the Company.

Following the conversion of the First Drawdown and the Second Drawdown, under the Loan Facility and the Loan Amendment (together the "Amended Loan Facility") the Company had C$20.0 million available under the Amended Loan Facility with the conversion price to be determined on the date of any future advances.

In March 2021, the Company drew down $4.0 million (C$5.0 million) (the "Third Drawdown"), at a conversion price of C$14.30 per share, from the Amended Loan Facility of which $3.2 million was allocated to the liability portion and the residual value of $0.8 million was allocated to the conversion feature as equity reserves. A deferred tax liability of $0.2 million related to the taxable temporary difference arising from the equity portion of the convertible loan was recognized as an offset in equity reserves. The effective interest rate on the liability portion was 20.0% per annum, with an expected life of approximately two years.

In October 2021, the Company drew down $2.4 million (C$3.0 million) (the "Fourth Drawdown"), at a conversion price of C$11.16 per share, from the Amended Loan Facility of which $2.0 million was allocated to the liability portion and the residual value of $0.4 million was allocated to the conversion feature as equity reserves. A deferred tax liability of $0.1 million related to the taxable temporary difference arising from the equity portion of the convertible loan was recognized as an offset in equity reserves. The effective interest rate on the liability portion was 20.0% per annum, with an expected life of approximately one and a half years.

As at March 31, 2022, the Company had C$5.0 million outstanding with a conversion price of C$14.30 per share from the Third Drawdown, C$3.0 million outstanding with a conversion price of C$11.16 per share from the Fourth Drawdown, and had C$12.0 million available under the Amended Loan Facility with the conversion price to be determined on the date of any future advances.

For the three months ended March 31, 2022, the Company recognized finance charges of $34,922 (March 31, 2021 - $55,135), related to costs associated with the Amended Loan Facility, including standby fees on the undrawn portion of the Amended Loan Facility, as well as set up and other associated costs.

Other Loans

In connection with the Castle Mountain acquisition in October 2021 (Note 4), the Company entered into a $5.0 million loan agreement with the arm's length seller bearing interest at a rate of 4.0% per annum until fully repaid. As per the terms of the agreement the principal amount and any accrued interest will be repaid no later than twenty months from the closing date of the acquisition.

- 12 -
METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)
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9. REVENUE

		Three months ended
		March 31,
		2022		2021
Royalty revenue
Wharf	$	377,573	$	413,787
COSE		120,987		157,446
Joaquin		170,437		103,352
Total revenue	$	668,997	$	674,585

The Company operates in one industry and has one reportable segment, which is reviewed by the chief operating decision maker.

10. GENERAL AND ADMINISTRATIVE EXPENSES

		Three months ended
		March 31,
		2022		2021
Compensation and benefits	$	412,307	$	326,067
Corporate administration		232,767		285,291
Professional fees		145,673		215,068
Listing and filing fees		79,246		169,260
Total general and administrative expenses	$	869,993	$	995,686

11. INCOME TAXES

Income tax expense differs from the amount that would result from applying Canadian income tax rates to earnings before income taxes. These differences result from the following items:

		Three months ended
		March 31,
		2022			2021
Loss before income taxes	$	(2,141,949	)		(2,325,372	)
Canadian federal and provincial income tax rates		27.00%			27.00%
Expected income tax recovery at statutory income tax rate		(578,326	)		(627,850	)
Difference between Canadian and foreign tax rate		(4,317	)		(52,732	)
Permanent differences		354,701			270,529
Changes in unrecognized deferred tax assets		299,641			353,445
Other adjustments		18,570			108,960
Total income tax expense	$	90,269		$	52,352
Current income tax expense	$	61,690		$	17,891
Deferred income tax expense	$	28,580		$	34,461
- 13 -
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METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)
---

12. SHARE CAPITAL

Authorized share capital consists of an unlimited number of common shares without par value.

(a) Issued Share Capital

As at March 31, 2022, the Company had 44,471,512 common shares issued and outstanding (December 31, 2021 - 44,035,569).

During the three months ended March 31, 2022, the Company:

Issued 348,443 common shares in the at-the-market offerings at an average price of $6.88 per share for gross proceeds of $2.4 million, with aggregate commissions paid or payable to the agents and other share issue costs of $0.2 million, resulting in aggregate net proceeds of $2.2 million; and
issued 87,500 common shares related to the exercise of stock options.

During the twelve months ended December 31, 2021, the Company:

Issued 3,148,765 common shares in the at-the-market offerings at an average price of $8.95 per share for gross proceeds of $28.2 million, with aggregate commissions paid or payable to the agents and other share issue costs of $1.5 million, resulting in aggregate net proceeds of $26.7 million;
issued 401,875 common shares related to previously committed shares for the acquisition of royalty and other interests;
issued 505,050 common shares related to the conversion of the Second Drawdown from the Amended Loan Facility; and
issued 240,832 common shares related to the vesting of RSUs and the exercise of stock options.

(b) Stock Options

The Company has adopted a stock option plan approved by the Company's shareholders. The maximum number of shares that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time, less the amount reserved for RSUs. The vesting terms, if any, are determined by the Company's Board of Directors at the time of the grant.

The continuity of stock options for the three months ended March 31, 2022, was as follows:

		Weighted
		average
		exercise price	Number
		(C$ )	outstanding
As at December 31, 2020	$	5.44	2,534,270
Granted		11.73	500,000
Exercised		1.76	(200,832	)
As at December 31, 2021	$	6.81	2,833,438
Exercised		2.29	(87,500	)
As at March 31, 2022	$	6.96	2,745,938

During the three months ended March 31, 2022, the Company did not grant any stock options. During the twelve months ended December 31, 2021, the Company granted 500,000 stock options with a weighted-average exercise price of C$11.73 and a fair value of $2,342,178 or $4.68 per option. The fair value of the stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows: (i) risk free interest rate of 0.96%; (ii) expected dividend yield of 0%; (iii) expected stock price volatility of 58%; (iv) expected life of 5 years; and (v) forfeiture rate of 0%.

- 14 -
METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)
---

12. SHARE CAPITAL (cont'd…)

For the three months ended March 31, 2022, in accordance with the vesting terms of the stock options granted, the Company recorded a charge to share-based payments expense of $587,301 (March 31, 2021 - $663,642), with an offsetting credit to reserves.

As at March 31, 2022, the weighted average remaining life of the stock options outstanding was 2.38 years (December 31, 2021 - 2.55 years). The Company's outstanding and exercisable stock options as at March 31, 2022, and their expiry dates are as follows:

		Exercise
		price	Number	Number
Expiry date		(C$)	outstanding	exercisable
July 31, 2022	$	2.16	382,250	382,250
March 1, 2023	$	2.56	231,500	231,500
September 17, 2023	$	2.92	320,313	320,313
January 4, 2024	$	3.24	303,125	303,125
January 15, 2025	$	7.66	588,750	588,750
November 6, 2025	$	12.85	420,000	210,000
April 27, 2026	$	11.73	500,000	-
			2,745,938	2,035,938

(c) Restricted Share Units

The Company has adopted an RSU plan approved by the Company's shareholders. The maximum number of RSUs that may be reserved for issuance under the plan is limited to 800,000. The vesting terms, if any, are determined by the Company's Board of Directors at the time of issuance. The continuity of RSUs for the three months ended March 31, 2022, was as follows:

	Number
	outstanding
As at December 31, 2020	211,000
Granted	267,000
Settled	(40,000	)
As at December 31, 2021	438,000
Granted	47,554
As at March 31, 2022	485,554

For the three months ended March 31, 2022, in accordance with the vesting terms of the RSUs granted, the Company recorded a charge to share-based payments expense of $615,163 (March 31, 2021 - $330,079), with an offsetting credit to reserves.

- 15 -
METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)
---

13. RELATED PARTY TRANSACTIONS AND BALANCES

The aggregate value of transactions and outstanding balances relating to key management personnel were as follows:

		Three months ended
		March 31,
		2022		2021
Salaries and fees	$	252,250	$	219,547
Share-based payments		868,406		765,397
	$	1,120,656	$	984,944

As at March 31, 2022, the Company had $Nil (December 31, 2021 - $414,571) due to directors and management related to remuneration and expense reimbursements.

14. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS

Significant Non-Cash Investing and Financing Activities

During the three months ended March 31, 2022, the Company:

a) reallocated $109,890 from reserves for 87,500 stock options exercised.

During the twelve months ended December 31, 2021, the Company:

a) issued 505,050 common shares, valued at $4,141,329, for the conversion of the Second Drawdown (Note 8);

b) issued 401,875 common shares, valued at $4,111,181 related to previously committed shares for the acquisition of Genesis and GSI;

c) reallocated $364,976 from reserves for 40,000 RSUs that settled; and

d) reallocated $216,086 from reserves for 200,832 stock options exercised.

- 16 -
METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)
---

15. FINANCIAL INSTRUMENTS

The Company classified its financial instruments as follows:

		As at
		March 31,		December 31,
		2022		2021
Financial assets
Amortized cost:
Cash	$	3,271,967	$	2,344,246
Royalty, derivative royalty, and stream receivables		1,188,917		1,175,602
Other receivables		155,385		125,571
Fair value through profit or loss:
Derivative royalty asset		3,597,211		4,034,007
Marketable securities		47,980		34,027
Total financial assets	$	8,261,460	$	7,713,453
Financial liabilities
Amortized cost:
Trade and other payables	$	570,659	$	1,089,219
Loans payable		10,770,202		10,514,644
Total financial liabilities	$	11,340,861	$	11,603,863

Fair value

Financial instruments recorded at fair value on the consolidated statement of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

a) Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

b) Level 2 - Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly; and

c) Level 3 - Inputs for assets and liabilities that are not based on observable market data.

The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value.

The carrying value of cash, receivables, and accounts payable and accrued liabilities approximated their fair value because of the short-term nature of these instruments. Marketable securities are classified within Level 1 of the fair value hierarchy. Royalty, derivative royalty, and stream receivables that reflect amounts that are receivable to the Company without further adjustments are classified as amortized cost. The fair value of the Company's loans payable is approximated by its carrying value as its interest rates are comparable to market interest rates. The derivative royalty asset was valued using inputs that are not observable, including a gold forward price curve, US$/A$ foreign exchange rates based on forward curves, and an estimated discount rate (Note 5). Therefore, the derivate royalty asset is classified within Level 3 of the fair value hierarchy.

- 17 -
METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)
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15. FINANCIAL INSTRUMENTS (cont'd…)

Capital risk management

The Company's objectives when managing capital are to provide shareholder returns through maximization of the profitable growth of the business and to maintain a degree of financial flexibility relevant to the underlying operating and metal price risks while safeguarding the Company's ability to continue as a going concern. The capital of the Company consists of share capital. The Board of Directors does not establish a quantitative return on capital criteria for management. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. The Company may issue new shares in order to meet its financial obligations. The management of the Company believes that the capital resources of the Company as at March 31, 2022, are sufficient for its present needs for at least the next twelve months. The Company is not subject to externally imposed capital requirements.

Credit risk

Credit risk arises from cash deposits, as well as credit exposures to counterparties of outstanding receivables and committed transactions. There is no significant concentration of credit risk other than cash deposits. The Company's cash deposits are primarily held with a Canadian chartered bank. Receivables include value added tax due from the Canadian government. The carrying amount of financial assets recorded in the financial statements represents the Company's maximum exposure to credit risk. The Company believes it is not exposed to significant credit risk and overall, the Company's credit risk has not declined from the prior year.

Liquidity risk

The Company strives to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from royalty interests, its holdings of cash, and its committed liabilities. The maturities of the Company's non‐current liabilities are disclosed in Note 8. All current liabilities are settled within one year.

Currency risk

The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. The Company primarily operates in Canada, Australia, Argentina, Mexico, and the United States and incurs expenditures in currencies other than United States dollars. Thereby, the Company is exposed to foreign exchange risk arising from currency exposure. The Company has not hedged its exposure to currency fluctuations. Based on the above net exposure, as at March 31, 2022, and assuming that all other variables remain constant, a 1% depreciation or appreciation of the United States dollar against the Canadian dollar, Australian dollar, Argentinian peso, and Mexican peso would result in an increase/decrease in the Company's pre-tax income or loss of approximately $68,333.

- 18 -
METALLA ROYALTY & STREAMING LTD.NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021<br>(Unaudited - Expressed in United States dollars, unless otherwise indicated)
---

16. COMMITMENTS

As at March 31, 2022, the Company had the following contractual obligations:

		Less than		1 to		Over
		1 year		3 years		4 years		Total
Trade and other payables	$	570,659	$	-	$	-	$	570,659
Loans payable principal and interest payments		655,738		6,435,168		-		7,090,906
Payments related to acquisition of royalties and streams		-		5,333,151		-		5,333,151
Total commitments	$	1,226,397	$	11,768,319	$	-	$	12,994,716

In addition to the commitments above, the Company could in the future have additional commitments payable in cash and/or shares related to the acquisition of royalty and stream interests as disclosed in Note 4. However, these payments are subject to certain triggers or milestone conditions that have not been met as of March 31, 2022.

- 19 -

Metalla Royalty & Streaming Ltd. : Exhibit 99.2 - Filed by newsfilecorp.com

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Brett Heath, Chief Executive Officer of Metalla Royalty & Streaming Ltd., certify the following:

Review: **** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Metalla Royalty & Streaming Ltd (the "issuer") for the interim period ended March 31, 2022.
No misrepresentations: **** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
Fair presentation: **** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.
Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission. ******

5.2 ICFR - material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

Reporting changes in ICFR: **** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred ‎during the period ‎beginning on January 1, 2022 ‎and ended on March 31, 2022 that has ‎materially affected, or is reasonably likely to ‎materially affect, the issuer's ICFR. ‎

Date: May 13, 2022

"Brett Heath"

Brett Heath

President and Chief Executive Officer

Metalla Royalty & Streaming Ltd. : Exhibit 99.3 - Filed by newsfilecorp.com

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Saurabh Handa, Chief Financial Officer of Metalla Royalty & Streaming Ltd., certify the following:

Review: **** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Metalla Royalty & Streaming Ltd (the "issuer") for the interim period ended March 31, 2022.
No misrepresentations: **** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
Fair presentation: **** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.
Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 ICFR - material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

Reporting changes in ICFR: **** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred ‎during the period beginning on January 1, 2022 ‎and ended on March 31, 2022 that has ‎materially affected, or is reasonably likely to materially affect, the issuer's ICFR. ‎

Date: May 13, 2022

"Saurabh Handa"

Saurabh Handa

Chief Financial Officer

Metalla Royalty & Streaming Ltd. : Exhibit 99.4 - Filed by newsfilecorp.com

MANAGEMENT'S DISCUSSION & ANALYSIS

FOR THE THREE MONTHS ENDED MARCH 31, 2022

METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)

GENERAL

This management's discussion and analysis ("MD&A") for Metalla Royalty & Streaming Ltd. (the "Company" or "Metalla") is intended to help the reader understand the significant factors that have affected Metalla and its subsidiaries performance and such factors that may affect its future performance. This MD&A, which has been prepared as of May 12, 2022, should be read in conjunction with the Company's condensed interim consolidated financial statements for the three months ended March 31, 2022, and the related notes contained therewith. The Company reports its financial position, financial performance, and cash flows in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

Additional information relevant to the Company are available for viewing on SEDAR at www.sedar.com and on the EDGAR section of the SEC website at www.sec.gov.

INDEX

Company Overview	3
Company Highlights	3
Portfolio of Royalties and Streams	4
Outlook	13
Summary of Quarterly Results	14
Results of Operations	15
Liquidity and Capital Resources	15
Transactions with Related Parties	18
Off-Balance Sheet Arrangements	19
Proposed Transactions	19
Commitments	19
Financial Instruments	20
Non-IFRS Financial Measures	21
Critical Accounting Estimates and Judgments	24
Disclosure Controls and Internal Controls Over Financial Reporting	24
Risk Factors	25
Cautionary Statement Regarding Mineral Reserve and Resource Estimates	25
Qualified Persons	25
Cautionary Statement on Forward-Looking Statements	26
Management’s Discussion and Analysis - Page 2
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METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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COMPANY OVERVIEW

Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company") is a precious metals royalty and streaming company that is focused on acquiring gold and silver metal purchase agreements, Net Smelter Return ("NSR") royalties, Gross Value Return ("GVR") royalties, Net Profit Interests ("NPIs"), Gross Proceeds Royalties ("GPRs"), Gross Overriding Return ("GOR") royalties, Price Participation Royalties ("PPRs"), and non-operating interests in mining projects that provide the right to the holder of a percentage of the gross revenue from metals produced from the project or a percentage of the gross revenue from metals produced from the project after deducting specified costs, if any, respectively. The Company's common shares are listed on the TSX Venture Exchange ("TSX-V") under the symbol "MTA" and on the NYSE American ("NYSE") under the symbol "MTA". The head office and principal address is 501 - 543 Granville Street, Vancouver, British Columbia, Canada.

Since March 2020, several measures have been implemented in Canada, Australia, Argentina, Mexico, the United States, and in other jurisdictions where we hold royalties and streams in response to the increased impact from the coronavirus ("COVID-19"). These measures, which include the implementation of travel bans, self-imposed quarantine periods, social distancing, vaccine or testing mandates, and in some cases mine closures or suspensions, have caused material disruption to business globally. Global financial markets have experienced significant volatility. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. There are significant uncertainties with respect to future developments and impact to the Company related to the COVID-19 pandemic, including the duration, severity and scope of the outbreak and the measures taken by governments and businesses to contain the pandemic. While the impact of COVID-19 is expected to be temporary, the current circumstances are dynamic and the impact of COVID-19 on our business operations cannot be reasonably estimated at this time, such as the duration and impact on future production for our partner operators at their respective mining operations. However, the current situation has improved and is expected to have less of an adverse impact on the Company's business, results of operations, financial position and cash flows going forward.

COMPANY HIGHLIGHTS

During the three months ended March 31, 2022, and subsequent period the Company:

Closed the following notable transaction:
- amended an existing 1.0% NSR royalty on Monarch Mining Corporation's ("Monarch") Beaufor Mine ("Beaufor"). In consideration for $1.0 million paid in cash to Monarch, Monarch agreed to waive a clause stipulating that payments under the NSR royalty were only payable after 100 Koz of gold have been produced by Monarch following its acquisition of Beaufor. Payments under this NSR royalty will now begin upon initial production from the property.
for the three months ended March 31, 2022, received or accrued payments on 724 (March 31, 2021 - 731) attributable Gold Equivalent Ounces ("GEOs") at an average realized price of $1,835 (March 31, 2021 - $1,751) and an average cash cost of $5 (March 31, 2021 - $12) per attributable GEO (see non-IFRS Financial Measures);
for the three months ended March 31, 2022, generated operating cash margin of $1,830 (March 31, 2021 - $1,739) per attributable GEO from the Wharf, Joaquin, and COSE royalties, the New Luika Gold Mine ("NLGM") stream held by Silverback Ltd. ("Silverback"), the Higginsville derivative royalty asset, and other royalty interests (see non-IFRS Financial Measures);

Management’s Discussion and Analysis - Page 3
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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for the three months ended March 31, 2022, recognized revenue from royalty and stream interests of $0.7 million (March 31, 2021 - $0.7 million), net loss of $2.2 million (March 31, 2021 - $2.4 million), and adjusted EBITDA of less than $0.1 million (March 31, 2021 - negative $0.5 million) (see non-IFRS Financial Measures);
for the three months ended March 31, 2022, recognized payments due or received (not included in revenue) from the Higginsville derivative royalty asset of $0.6 million (March 31, 2021 - $0.5 million) (see non-IFRS Financial Measures);
on May 14, 2021, announced the 2021 ATM Program (as defined below). From inception to March 31, 2022, the Company distributed 1,970,608 common shares under the 2021 ATM Program at an average price of $8.19 per share for gross proceeds of $16.1 million, of which 348,443 common shares were sold during the three months ended March 31, 2022, at an average price of $6.88 per share for gross proceeds of $2.4 million. As at the date of this MD&A, the Company had distributed a total of 1,990,778 common shares under the 2021 ATM program for gross proceeds of $16.3 million; and
On May 12, 2022, the Company filed a new final short form base shelf prospectus and a corresponding registration statement on Form F-10 that are intended to replace the base shelf prospectus and Form F-10 registration statement previously filed by the Company in 2020, and to enhance the Company’s financial flexibility. In connection with this transition, the Company terminated its 2021 ATM Program.

PORTFOLIO OF ROYALTIES AND STREAMS

As at the date of this MD&A, the Company owned 70 royalties, streams, and other interests. Five of the royalties and streams are in the production stage, twenty-five of the royalties are in the development stage, and the remainder are in the exploration stage.

Notes:

^(1)^Au: gold; Ag: silver; Cu: copper; Zn: zinc; and Pb: lead.

^(2)^Kt: kilotonnes; Mt: million tonnes; g/t: grams per tonne; oz: ounces; Koz: kilo ounces; Moz: million ounces; Ktpa: kilotonnes per annum; Mtpa: million tonnes per annum; and tpd: tonnes per day.

^(^^3^^)^ See the Company's website at https://www.metallaroyalty.com/ for the complete list and further details.

Producing Assets

As at the date of this MD&A, the Company owned an interest in the following properties that are in the production stage:

Property	Operator	Location	Metal	Terms
Wharf	Coeur Mining	South Dakota, USA	Au	1.0% GVR
Higginsville ^(1)^	Karora Resources	Higginsville, Australia	Au	27.5% PPR
COSE	Pan American	Santa Cruz, Argentina	Au, Ag	1.5% NSR
Joaquin	Pan American	Santa Cruz, Argentina	Au, Ag	2.0% NSR
New Luika	Shanta Gold	Tanzania	Au, Ag	15% Ag Stream

(1) The Higginsville PPR royalty is designated as a derivate royalty asset on the Company's statement of financial position.

Below are updates during the three months ended March 31, 2022, and subsequent period to certain production stage assets and is based on information publicly filed by the applicable project owner:

Wharf Royalty

On May 4, 2022, Coeur Mining Inc. ("Coeur") reported first quarter production of 17.7 Koz gold at 0.78 g/t gold, in line with the 70-80 Koz full year guidance for Wharf disclosed by Wharf on February 16, 2022. During the quarter, one reverse circulation ("RC") drill rig continued to infill targets at the Portland-Ridge-Boston claim group and at the Flossie area, results are pending.

On February 16, 2022, Coeur reported that Wharf's updated Proven and Probable Reserves totaled 852 Koz at 0.73 g/t. Total Measured and Indicated Resources were reported at 412 Koz at 0.63g/t with an Inferred Resource estimate of 90 Koz at 0.75 g/t. In addition, Coeur reported in their Q4 2021 financial statements, an updated mine life of 8 years for Wharf. Additionally, Coeur reported the continued exploration success at Wharf where a total of 6,625 meters of drilling was completed in the Portland Ridge - Boston claim group, Flossie and Juno areas. Coeur spent $4 million on exploration at the mine in 2021, its largest since acquiring the asset in 2015.

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METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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Metalla holds a 1.0% GVR royalty on the Wharf mine.

Higginsville Royalty

On April 20, 2022, Karora Resources Inc. ("Karora") reported first quarter production of 27,489 ounces of gold from its Higginsville Gold Operations ("Higginsville") and Beta Hunt mines, in line with 2022 production guidance of 110-135 Koz gold announced by Karora on February 7, 2022.

Metalla holds a 27.5% PPR royalty interest on the difference between the London PM fix gold price and A$1,340/oz on the first 2.5 Koz per quarter until a cumulative total of 34.0 Koz of gold at the Higginsville operation have been delivered. As at March 31, 2022, 16.6 Koz of gold had been delivered.

New Luika Silver Stream

On April 26, 2022, Shanta Gold Limited ("Shanta") reported that it produced 11,408 ounces of gold at its NLGM in Tanzania in the first quarter of 2022. On July 19, 2021, Shanta announced a new mine plan for NLGM, where average annual production is expected to be 73.6 Koz gold with the potential to extend mine life beyond 2026 through conversion of significant known resources and the expanded 2,450 tpd mill throughput. Shanta expects total gold production from NLGM for the five-year plan to total 368 Koz from both open pit and underground mine sources from the mining license. Shanta outlined that the resources presently sitting outside of the mine plan amounts to 552 Koz at 2.37 g/t gold at NLGM. Shanta has forecast production to be between 68-76 Koz in fiscal 2022.

On February 1, 2022, Shanta reported that as of December 31, 2021, the Probable Reserves at NLGM stood at 404 Koz at 3.05 g/t gold, the Measured Resources were 105 Koz at 4.94 g/t gold, the Indicated Resources were 707 Koz at 2.63 g/t gold, and the Inferred Resources were 296 Koz at 1.73 g/t gold.

Metalla holds a 15% interest in Silverback Ltd., whose sole business is receipt and distribution of a 100% silver stream on NLGM at an ongoing cost of 10% of the spot silver price.

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METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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Development Stage Assets

As at the date of this MD&A, the Company owned an interest in the following properties that are in the development stage:

Property	Operator	Location	Metal	Terms
Akasaba West	Agnico Eagle	Val d'Or, Quebec	Au, Cu	2.0% NSR^(1)^
Amalgamated Kirkland	Agnico Eagle	Kirkland Lake, Ontario	Au	0.45% NSR
Aureus East	Aurelius Minerals	Halifax, Nova Scotia	Au	1.0% NSR
Beaufor	Monarch Mining	Val d'Or, Quebec	Au	1.0% NSR^(1)^
Big Springs	Anova Metals	Nevada, USA	Au	2.0% NSR^(2)^
Castle Mountain	Equinox Gold	California, USA	Au	5.0% NSR
CentroGold	Oz Minerals	Maranhao, Brazil	Au	1.0%-2.0% NSR^(3)^
Côté and Gosselin	IAMGOLD/Sumitomo	Gogama, Ontario	Au	1.35% NSR
Del Carmen	Barrick Gold	San Juan, Argentina	Au, Ag	0.5% NSR
El Realito	Agnico Eagle	Sonora, Mexico	Au, Ag	2.0% NSR^(1)^
Endeavor ^(5)^	CBH Resources	NSW, Australia	Zn, Pb, Ag	100% Ag Stream
Fifteen Mile Stream ("FMS")	St. Barbara	Halifax, Nova Scotia	Au	1.0% NSR
FMS (Plenty Deposit)	St. Barbara	Halifax, Nova Scotia	Au	3.0% NSR^(1)^
Fosterville	Agnico Eagle	Victoria, Australia	Au	2.5% GVR
Garrison	Moneta Gold	Kirkland Lake, Ontario	Au	2.0% NSR
Hoyle Pond Extension	Newmont	Timmins, Ontario	Au	2.0% NSR^(1)^
La Fortuna	Minera Alamos	Durango, Mexico	Au, Ag, Cu	3.5% NSR^(4)^
North AK	Agnico Eagle	Kirkland Lake, Ontario	Au	0.45% NSR
NuevaUnión	Newmont and Teck	Chile	Au	2.0% NSR
San Luis	SSR Mining	Peru	Au, Ag	1.0% NSR
Santa Gertrudis	Agnico Eagle	Sonora, Mexico	Au	2.0% NSR^(1)^
Tocantinzinho	G Mining	Para, Brazil	Au	0.75% GVR
Wasamac	Yamana Gold	Rouyn-Noranda, Quebec	Au	1.5% NSR^(1)^
Timmins West Extension	Pan American	Timmins, Ontario	Au	1.5% NSR^(1)^
Zaruma	Pelorus Minerals	Ecuador	Au	1.5% NSR

(1) Subject to partial buy-back and/or exemption

(2) Subject to fixed royalty payments

(3) 1.0% NSR on the first 500 Koz, 2.0% NSR on next 1Moz, and 1.0% NSR thereafter in perpetuity

(4) 2.5% NSR capped at $4.5 million, 1.0% NSR uncapped

(5) The Endeavor mine was previously classified as production, however it was placed on care and maintenance in December 2019 and has not since restarted, as such the Company has reclassified it to development stage properties

Below are updates during the three months ended March 31, 2022, and subsequent period to certain development stage assets and is based on information publicly filed by the applicable project owner:

Côté-Gosselin

On May 3, 2022, IAMGOLD Corporation ("IAMGOLD") reported that construction had reached 49% completion at the Côté Gold Project. It also reported completion in the first quarter of 2022 of approximately 4,300 meters of the 16,000 meter drill program is planned in 2022 to further delineate and expand the Gosselin mineral resources and test selected targets along the deposit corridor. On January 27, 2022, IAMGOLD released assay results that extended the Gosselin Zone outside of the recent mineral resource estimate, significant highlights include 0.78 g/t gold over 355.5 meters, 2.05 g/t gold over 256 meters, 0.55 g/t gold over 357.5 meters and 0.7 g/t gold over 173 meters.

Management’s Discussion and Analysis - Page 6
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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Metalla holds a 1.35% NSR royalty that covers less than 10% of the Côté reserves and resources estimate and covers all of the Gosselin resource estimate.

Castle Mountain

Castle Mountain is slated to become one of Equinox Gold's ("Equinox") largest assets. Metalla's 5.0% NSR royalty covers the South Domes portion of the deposit which will be part of the Phase 2 expansion slated to begin in 2026.

On May 3, 2022, Equinox announced exploration at Castle Mountain in the first quarter included 7,948 meters of RC drilling across the South dump area to assess the continuity and distribution of grade. Equinox also completed 1,448 meters of RC drilling in the area between the JSLA and South Domes pits. Equinox also announced that in March 2022 it had submitted applications to amend existing permits to accommodate the Phase 2 expansion. On February 24, 2022, Equinox announced they expect to spend $7 million for Phase 2 permitting, optimization studies and metallurgical test work and nearly $2 million for exploration.

Metalla holds a 5.0% NSR Royalty on the South Domes area of the Castle Mountain mine.

Garrison

On May 11, 2022, Moneta Gold Inc. (“Moneta”) released an updated resource estimate for the Tower Gold project, including 4.27 Moz gold in the Indicated category and 7.5 Moz gold in the Inferred category. Moneta plans to complete a Preliminary Economic Assessment on the project scheduled for completion later in the second quarter of 2022. The Garrison deposit forms part of the Tower project and is comprised of three zones, Garrcon, Jonpol, and 903. At Garrcon, the open pit Indicated Resource is 841 Koz at 1.02 g/t gold with an Inferred Resource of 15Koz at 0.67 g/t gold, the underground portion has an Indicated Resource of 87 Koz at 5.08 g/t gold with an Inferred Resource of 120 Koz at 4.98 g/t gold. The Jonpol zone has an Indicated Resource of 297 Koz at 1.4 g/t gold and an Inferred Resource of 114 Koz at 0.99 g/t gold. The 903 zone has an Indicated Resource of 610 Koz at 1.01 g/t gold and an Inferred Resource of 600 Koz at 0.74 g/t gold. The Garrison starter pit now has an Indicated Resource of 1.75 Koz at 1.07 g/t gold. Moneta is slated to release a PEA in June of 2022.

On March 24, 2022, Moneta released the results of significant step out gold mineralization at the Garrcon pit comprising the Garrison project which confirmed mineralization over a strike length of 750 meters and width of 500 meters beyond the current Garrison project resource. Significant intercepts from recent drilling include 3.05 g/t gold over 67 meters, 1.17 g/t gold over 62.45 meters and 1.26 g/t gold over 54.7 meters. The Garrcon portion of the Garrison project currently hosts an open pit indicated gold resource of 550 Koz gold at 0.82 g/t gold and inferred gold resource of 200 Koz at 0.87 g/t gold.

Figure 1: Cross Section showing high grade intervals below the Garrcon resource pits (Source: Moneta Gold Inc. Press release on Step-out drilling at Garrcon, Tower Gold Project, issued March 24, 2022)

Management’s Discussion and Analysis - Page 7
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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Metalla holds a 2% NSR Royalty on the Garrison project.

Wasamac

On April 4, 2022, Yamana Gold Inc. ("Yamana") announced that additional drill results at Wasamac continued to infill the Wasamac resource area. Results received to date in the Zone 2 resource area continue to confirm wide mining widths and consistent mineralization with highlights of 3.17 g/t gold over 14.78 meters and 3.41 g/t gold over 5.02 meters. Yamana stated the excellent exploration upside on the property continues to reinforce the potential for a 200 Koz plus per year operation with a mine life of at least 15 years. Work continues to follow up on the exploration drilling at the newly discovered South Wildcat zone returned 7.31 g/t gold over 3.37 meters as announced in a press release dated December 1, 2021. Yamana has decided to advance a bulk sample permitting process to allow construction of a ramp which could expedite the start of production ahead of the stated 2026 start date. In addition, work is ongoing to understand the metallurgy of the project where preliminary testing indicated that average gold recovery could increase by 3% compared to the feasibility study. Yamana expects to complete the Environmental impact assessment by the second quarter of 2022.

Metalla holds a 1.5% NSR royalty on the Wasamac project subject to a buy back of 0.5% for C$7.5 million.

Amalgamated Kirkland Property

On April 28, 2022, Agnico Eagle Mines Limited ("Agnico") reported that the Amalgamated Kirkland deposit could provide incremental ore feed to the Macassa mill with annual production of 40 Koz as soon as 2024. The Macassa underground ramp had been extended by 225 meters and nine drill holes had been completed in the higher-grade portion of the deposit. In 2022, Agnico plans to spend $8.6 million on a 1.3 Km exploration ramp from the Macassa near surface zones, designed to carry out infill drilling and a bulk sample of the higher-grade regions of the Amalgamated Kirkland deposit. The Amalgamated Kirkland deposit hosts an Indicated Resource estimate of 265 Koz gold at 6.51 g/t gold and an Inferred Resource of 406 Koz at 5.32 g/t gold. The deposit remains open at depth and extends laterally.

Metalla holds a 0.45% NSR royalty on the Amalgamated Kirkland property.

El Realito

On April 28, 2022, Agnico reported that pre-stripping of the El Realito pit was approximately 39% compete and first gold production was started in the first quarter of 2022. Pre-stripping activities at El Realito pit are in line with forecast are expected to be completed in the third quarter of 2022. The production guidance in Agnico's February 23, 2022, press release for the La India mine which hosts the El Realito pit were positively revised to 82.5 Koz gold in 2022, 70 Koz gold in 2023 and 22.5 Koz gold in 2024. The increase in the production guidance was due to pit optimization and increase in mineral reserves at the El Realito deposit.

Metalla holds a 2.0% NSR royalty on the El Realito deposit which is subject to a 1.0% buyback right for $4.0 million.

Del Carmen

On May 4, 2022, Barrick Gold Corporation reported that drilling at Del Carmen resumed in the second quarter of 2022, drilling will continue until the winter season. Results received at Carmen Norte, located to the north of the Rojo Grande target, confirmed gold mineralization with an intercept of 0.5 g/t gold over 39 meters, which opens up a new area with upside potential to add resources to Del Carmen. In addition, all geological models grade estimates and geometallurgical models with be updated and rebuilding in the second quarter to inform future steps for the project.

Metalla holds a 0.5% NSR royalty on the Del Carmen project which is the Argentine portion of the Alturas-Del Carmen project in the prolific El Indio belt.

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METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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Beaufor Mine

On March 17, 2022, Monarch provided exploration updates at the Beaufor Mine and Beacon Mill, scheduled to begin mining in 2022. Significant highlights from drilling include 19.05 g/t gold over 6.8 meters, 150 meters west and down dip of the "Q Zone" which is the most continuous ore zone in the mine. Monarch believes these results will significantly boost Beaufor's potential in the Q Zone. Underground development and rehabilitation are currently ongoing at Beaufor.

Metalla holds a 1.0% NSR royalty on the Beaufor mine.

San Luis

On February 23, 2022, SSR Mining Inc. ("SSR") provided an update on activities at the San Luis project in Ancash, Peru. Exploration activities in 2021 were undertaken on land belonging to the Ecash community in 2021 and SSR plans to extend exploration activities onto the Cochabamba community lands in 2022.

Metalla holds a 1.0% NSR royalty on the San Luis project.

Fifteen Mile Stream

On April 28, 2022, St. Barbara Limited reported that the Fifteen Mile Stream project Feasibility Study continued to progress with engineering focused on the tailings facility and geotechnical work, with a completion date slated for September 2023. Permitting efforts continued during the quarter focused on community consultations and surface and ground water modelling planned for the first half of 2023 to prepare responses for the FMS EIS process.

Metalla holds a 1.0% NSR Royalty on the Fifteen Mile Stream project, and 3.0% NSR Royalty on the Plenty and Seloam Brook deposits.

Santa Gertrudis

On February 23, 2022, Agnico announced an updated Resource estimate at Santa Gertrudis where the Indicated Resources totaled 99 Koz gold at 0.64 g/t and 739 Koz at 4.79 g/t silver, and Inferred Resources totaled 1,679 Koz at 1.69 g/t gold and 5,924 Koz at 5.96 g/t silver. Exploration drilling in the fourth quarter at the high-grade Amelia deposit resulted in the improved understanding of structural controls leading to the 120-meter extension of the high-grade ore shoots at the deposit beyond the 2021 mineral resources. At the Centauro deposit, a 100-meter step out from a hole that returned 5.8 g/t gold over 15 meters encountered high grade sulphide mineralization outlining the potential to make additional high-grade discoveries at the property similar to Amelia.

Agnico has budgeted $19 million in exploration at Santa Gertrudis with the goal to expand mineral resources, test high grade structure extensions at the Amelia deposit and explore new targets, infill open pit deposits to declare reserves, and internal studies and metallurgical test work. Agnico expects Santa Gertrudis to have an annual production of 100 - 125 Koz of gold.

Metalla holds a 2.0% NSR royalty on Santa Gertrudis subject to Agnico's right to buy back 1.0% for $7.5 million.

Tocantinzinho

On February 9, 2022, G Mining Ventures Corp ("G Mining") announced that it had completed an updated feasibility study for the TZ gold project located in Para State, Brazil. The study confirmed a 10.5-year mine life producing 1.8 Moz of gold in total resulting in an average annual gold production profile of 174,700 ounces at an all-in sustaining cost of $681/oz.

Economics were favourable, at a $1,600/oz gold price the study demonstrated an after-tax NPV5% of $622 million and generated an after-tax IRR of 24%. Also of note, G Mining increased the reserves at TZ by 12% to 2.0 Moz and saw an increase in the capital cost at the project of only 7% since the last study was conducted. Project optimization and detailed engineering is expected to occur from Q4 2021 through to Q4 2022. G Mining also expects to complete two drilling campaigns totaling 10,000 meters beginning in Q4 2021 through to Q1 2022, these include a grade control drilling program to de-risk early years of production and an exploration drilling program to test for potential extensions of the known mineralization at depth and below the current pit.

Management’s Discussion and Analysis - Page 9
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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G Mining is a precious metals development company with a leadership team which has built four mines in South America, including the Merian mine for Newmont Corporation and Fruta Del Norte for Lundin Gold.

Metalla holds a 0.75% GVR royalty on the Tocantinzinho project.

Fosterville

On February 23, 2022, Agnico reported that they expect to spend $34.6 million for 121,400 metres of drilling and development to replace mineral reserve depletion and to add mineral resources at the Fosterville mine. Agnico announced that another $19.7 million will be spent on underground and surface exploration with the aim to discover additional high-grade mineralization, with $2.9 million to be spent on regional exploration drilling on the land package surrounding the mine.

Metalla holds a 2.5% GVR royalty on the Northern and Southern extensions of the Fosterville mining license and other areas in the land package.

CentroGold

On April 22, 2022, Oz Minerals stated that the relocation plan required for progressing the court injunction removal for CentroGold has been submitted to the National Institute of Colonization and Agrarian Reform (INCRA) and is currently under review.

Metalla holds a 1.0-2.0% NSR royalty on the CentroGold project.

Endeavor Silver Stream

In a news release dated April 28, 2022, Sandfire Resources Ltd. ("Sandfire") reported that during the first quarter of 2022 it had withdrawn from the Endeavor joint venture agreement with CBH Resources Limited ("CBH"). The project will continue to be held 100% by CBH Resources, a subsidiary of Toho Zinc. After decades of operation, CBH suspended mining operations at the Endeavor Mine in December 2019 and placed it into care and maintenance. With Sandfire's decision to terminate the joint venture agreement with CBH, the Company has reclassified the Endeavor silver stream from a production stage asset to a development stage asset, and Metalla will continue to monitor the next steps taken by CBH with the property, especially in the current zinc price environment.

Metalla has the right to buy 100% of the silver production up to 20 Moz (~12.6 Moz remaining under the contract for delivery) from the Endeavor Mine for an operating cost contribution of $1.00/oz of payable silver, indexed annually for inflation, plus a further increment of 50% of the silver price in excess of $7.00/oz.

Management’s Discussion and Analysis - Page 10
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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Exploration Stage Assets

As at the date of this MD&A, the Company owned a large portfolio of royalties on exploration stage assets including:

Property	Operator	Location	Metal	Terms
Anglo/Zeke	Nevada Gold Mines	Nevada, USA	Au	0.5% GOR
Beaudoin	Explor Resources	Timmins, Ontario	Au, Ag	0.4% NSR
Big Island	Voyageur Mineral Expl.	Flin Flon, Manitoba	Au	2.0% NSR
Bint Property	Glencore	Timmins, Ontario	Au	2.0% NSR
Biricu	Minaurum Gold	Guerrero, Mexico	Au, Ag	2.0% NSR
Boulevard	Independence Gold	Dawson Range, Yukon	Au	1.0% NSR
Caldera	Discovery Harbour Res.	Nevada, USA	Au	1.0% NSR ^(4)^
Camflo Mine	Yamana Gold/Agnico Eagle	Val d'Or, Quebec	Au	1.0% NSR
Capricho	Solaris Resources	Peru	Au, Ag	1.0% NSR
Colbert/Anglo	Newmont	Timmins, Ontario	Au	2.0% NSR
Carlin East	Ridgeline Minerals	Nevada, USA	Au	0.5% NSR ^(4)^
DeSantis Mine	Canadian Gold Miner	Timmins, Ontario	Au	1.5% NSR
Detour DNA	Agnico Eagle	Cochrane, Ontario	Au	2.0% NSR
Edwards Mine	Alamos Gold	Wawa, Ontario	Au	1.25% NSR
Fortuity 89	Newcrest Mining	Nevada, USA	Au	2.0% NSR
Golden Brew	Highway 50 Gold	Nevada, USA	Au	0.5% NSR
Golden Dome	Anova Metals	Nevada, USA	Au	2.0% NSR ^(4)^
Goodfish Kirana	Warrior Gold	Kirkland Lake, Ontario	Au	1.0% NSR
Green Springs	Contact Gold	Nevada, USA	Au	2.0% NSR
Guadalupe/Pararin	Black Swan Minerals	Peru	Au	1.0% NSR
Hot Pot/Kelly Creek	Nevada Exp./Austin Gold	Nevada, USA	Au	1.5% NSR ^(2)(4)^
Island Mountain	Tuvera Exploration	Nevada, USA	Au	2.0% NSR ^(4)^
Jersey Valley	Abacus Mining	Nevada, USA	Au	2.0% NSR ^(4)^
Kings Canyon	Pine Cliff Energy	Utah, USA	Au	2.0% NSR
Kirkland-Hudson	Agnico Eagle	Kirkland Lake, Ontario	Au	2.0% NSR
Los Patos	Private	Venezuela	Au	1.5% NSR
Los Tambo	IAMGOLD	Peru	Au	1.0% NSR
Lourdes	Pucara Resources	Peru	Au, Ag	1.0% NSR
Mirado Mine	Orefinders/Kirkland Lake JV	Kirkland Lake, Ontario	Au	1.0% NSR^(1)^
Montclerg	GFG Resources	Timmins, Ontario	Au	1.0% NSR
Orion	Minera Frisco	Nayarit, Mexico	Au, Ag	2.75% NSR^(3)^
Pelangio Poirier	Pelangio Exploration	Timmins, Ontario	Au	1.0% NSR
Pine Valley	Nevada Gold Mines	Nevada, USA	Au	3.0% NSR ^(2)(4)^
Pucarana	Buenaventura	Peru	Au	1.8% NSR^(1)^
Puchildiza	Metalla	Chile	Au	1.5% NSR^(5)^
Red Hill	NuLegacy Gold Corp.	Nevada, USA	Au	1.5% GOR
Sirola Grenfell	Pelangio Exploration	Kirkland Lake, Ontario	Au	0.25% NSR
Solomon's Pillar	Private	Greenstone, Ontario	Au	1.0% NSR
Tower Stock	White Metal Res.	Thunder Bay, Ontario	Au	2.0% NSR
TVZ Zone	Newmont	Timmins, Ontario	Au	2.0% NSR

(1) Option to acquire the underlying and/or additional royalty

(2) Subject to partial buy-back and/or exemption

(3) Subject to closing conditions

(4) Subject to fixed royalty payments

(5) Option available

Management’s Discussion and Analysis - Page 11
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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Below are updates during the three months ended March 31, 2022, and subsequent period to certain exploration assets and is based on information publicly filed by the applicable project owner:

Camflo

On April 29, 2022, Agnico reported the Canadian Malartic partnership has identified porphyry hosted gold mineralization that could potentially be mined via an open pit. Additional studies are underway to fully evaluate the mineralization and additional potential in adjacent rock types. The Camflo property covers the past producing Camflo mine which had historical production of approximately 1.6 Moz of gold.

Metalla holds a 1.0% NSR royalty on the Camflo mine, located ~1km northeast of the Canadian Malartic operation.

Montclerg

Through several press releases dated February 10, 2022, March 22, 2022, and April 28, 2022. GFG Resources Inc. reported high grade intervals at the Montclerg Gold Project located 48 km east of the Timmins Gold District. Significant intercepts include 4.82 g/t gold over 26 meters, 8.34 g/t gold over 7.5 meters and a step out intercept of 8.26 g/t gold over 1 meter and 6.63 g/t gold over 1.5 meters.

Metalla holds a 1.0% NSR Royalty on the Montclerg property.

Tower Stock

White Metal Resources Corp. released several drill results on the Tower Stock Gold project in Ontario through several press releases dated May 2, 2022, March 22, 2022, January 18, 2022, and January 11, 2022. Significant drill results from the project include 0.51 g/t gold over 466.5 meters including 0.71 g/t gold over 267 meters, 0.91 g/t gold over 105 meters at the Bench zone. At other zones on the property, significant results include 4.05 g/t gold over 21 meters and 27 g/t gold over 1.5 meters.

Metalla holds a 2.0% NSR Royalty on the Tower Stock project.

Detour DNA

On April 28, 2022, Agnico reported that exploration plans will investigate the Sunday Lake deformation zone along strike to the west and east of the mine.

Metalla holds a 2.0% NSR royalty on the Detour DNA property which is ~7km west of the Detour West reserve pit margin.

Fortuity 89

On April 28, 2022, Newcrest Mining Ltd. and Discovery Harbour Resources provided an update on exploration plans at the Fortuity 89 project in Nevada. A total of five RC drill holes had been completed on the Fortuity 89 property for a total of 1,663 meters, assays are pending. Newcrest plans to drill a minimum of eight drill holes and 3,400 meters which began in January 2022 to test a series of low sulphidation epithermal gold target.

Metalla holds a 2.0% NSR royalty on the Fortuity 89 project.

Management’s Discussion and Analysis - Page 12
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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Production and Sales from Royalties and Streams

The following table summarizes the attributable GEOs sold by the Company's royalty partners, including any amounts related to derivative royalty assets, for the three months ended March 31, 2022 and 2021:

	Three months ended
	March 31,
	2022	2021
Attributable GEOs^(1)^during the period from:
Higginsville^(2)^	332	291
Wharf	218	247
NLGM^(3)^	19	47
COSE	64	88
Joaquin	91	58
Total attributable GEOs^(1)^	724	731

(1) For the methodology used to calculate attributable GEOs see Non-IFRS Financial Measures.

(2) The Higginsville PPR is accounted for as a derivative royalty asset, as such any payments received under this royalty are treated as a reduction in the carrying value of the asset on the statement of financial position and not shown as revenue on the Company's statement of profit and loss. However, operationally the Company is paid for the ounces sold similar to the Company's other royalty interests, therefore the results have been included here for more accurate comparability and to allow the reader to accurately analyze the operations of the Company. For additional details on the derivative royalty asset see Note 5 in the Company's condensed interim consolidated financial statements for the three months ended March 31, 2022.

(3) Adjusted for the Company's proportionate share of NLGM held by Silverback.

OUTLOOK

Primary sources of cash flows from royalties and streams for 2022 are expected to be Wharf, Higginsville, Joaquin, COSE, and NLGM, with the addition of Beaufor and El Realito expected in the second half of 2022. In 2022, the Company expects 2,500 to 3,500 attributable GEOs^(1)^.

(1) For the methodology used to calculated attributable GEOs see Non-IFRS Financial Measures.

Management’s Discussion and Analysis - Page 13
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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SUMMARY OF QUARTERLY RESULTS

The following table provides selected financial information for the eight most recently completed financial quarters^(1)^ up to March 31, 2022:

		Three months ended
		March 31,		December 31,		September 30,		June 30,
		2022		2021		2021		2021
Revenue from royalty and stream interests	$	668,997	$	813,509	$	785,058	$	696,605
Net loss		2,232,219		3,131,180		2,187,472		2,729,981
Dividends declared and paid		-		-		-		-
Loss per share - basic and diluted		0.05		0.07		0.05		0.06
Weighted average shares outstanding - basic		44,271,600		43,953,837		43,287,763		42,281,245
		Three months		Four months		Three months ended
---	---	---	---	---	---	---	---	---
		ended		ended
		March 31,		December 31,		August 31,		May 31,
		2021		2020		2020		2020
Revenue from royalty and stream interests	$	674,585	$	962,783	$	346,869	$	37,607
Net loss		2,377,724		3,289,068		1,456,741		1,662,446
Dividends declared and paid		-		-		-		316,730
Loss per share - basic and diluted		0.06		0.08		0.04		0.05
Weighted average shares outstanding - basic		40,709,081		38,975,824		36,214,370		34,496,399

^(1)^ The Company changed its year-end from May 31 to December 31, beginning with December 31, 2020, as such the Company had a transition financial year which was for the seven months ended December 31, 2020, and a financial quarter which was for four months ended December 31, 2020.

Changes in revenues, net income (loss), and cash flows on a quarter-by-quarter basis are affected primarily by changes in production levels and the related commodity prices at producing mines, acquisitions of royalties and streams, as well as the commencement or cessation of mining operations at mines the Company has under royalty and stream agreements.

A summary of material changes impacting the Company's quarterly results are discussed below:

For the three months ended March 31, 2022, December 31, 2021, September 30, 2021, and June 30, 2021, revenue was roughly consistent compared to the previous quarter as the primary sources of revenue remained unchanged being the Wharf, COSE and Joaquin royalties.
For the three months ended March 31, 2021, revenue decreased compared to the previous quarter primarily due to the period being a three-month period compared to the comparative to four months in the previous quarter.
For the four months ended December 31, 2020, and the three months ended August 31, 2020, revenue increased compared to the previous quarters primarily as a result of acquiring the producing Wharf royalty.
For the three months ended May 31, 2020, revenue decreased compared to the previous quarter due to the Endeavor Mine being put on care and maintenance leading to a significant decrease in attributable gold oz. production and significantly lower production from Joaquin and COSE due to mandated government shutdowns related to the COVID-19 pandemic.

Management’s Discussion and Analysis - Page 14
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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RESULTS OF OPERATIONS

Three Months Ended March 31, 2022

The Company's net loss totaled $2.2 million for the three months ended March 31, 2022 ("Q1 2022"), compared with a net loss of $2.4 million for the three months ended March 31, 2021 ("Q1 2021").

Significant items impacting the change in net loss included the following:

A decrease in general and administrative expenses from $1.0 million in Q1 2021 to $0.9 million in Q1 2022, driven by a decrease of $0.2 million for corporate administration, professional, and listing and filing fees, offset by a $0.1 million increase in compensation and benefits costs.
an increase in share-based payments from $1.0 million for the Q1 2021, to $1.2 million for Q1 2022, driven primarily by an increase in the calculated values for share-based payments tied to higher share price for the Company's shares at the time of grant;
an increase in mark-to-market gains on the derivative royalty asset from a loss of $0.2 million for Q1 2021, to a gain of $0.2 million for Q1 2022, driven primarily by changes in the estimates of future gold price and foreign exchange rates used in the Company's derivative valuation model; and
an increase in interest expense from $0.2 million for Q1 2021 to $0.3 million in Q1 2022, driven by an increase in the Company's loans payable from $3.2 million as at March 31, 2021, to $10.8 million as at March 31, 2022.

LIQUIDITY AND CAPITAL RESOURCES

The Company considers items included in shareholders' equity and long-term debt as capital. The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern, so that it can continue to add value for shareholders and benefits for other stakeholders.

The Company's cash balance as at March 31, 2022, was $3.3 million (December 31, 2021 - $2.3 million) and its working capital was $7.0 million (December 31, 2021 - $5.4 million). The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of the underlying assets.

The Company believes it has access to sufficient resources to undertake its current business plan for the foreseeable future. In order to meet is capital requirements the Company's primary sources of cash flows are expected to be from the Wharf, Higginsville, Joaquin, COSE, and NLGM royalties and streams. For any capital requirement not covered by the cash flows from royalties and streams, the Company may: seek additional funds through public and/or private placements, draw down additional funds under the Amended Loan Facility (as defined below), enter into new debt agreements, or sell assets.

During Q1 2022, cash increased by $0.9 million. The increase was due to cash provided by financing activities of $2.2 million, partially offset by cash used in operating and financing activities of $0.3 million and $1.0 million, respectively. Exchange rate changes had a minimal impact on cash of less than $0.1 million.

Debt

Convertible Loan Facility

In March 2019, the Company entered into a convertible loan facility (the "Loan Facility") of C$12.0 million with Beedie to fund acquisitions of new royalties and streams. The Loan Facility consisted of an initial advance of C$7.0 million, with the remaining C$5.0 million available for subsequent advances in minimum tranches of C$1.25 million. The Loan Facility carried an interest rate of 8.0% on amount advanced and 2.5% on standby funds available, with the principal payment due April 21, 2023. At the option of Beedie, principal outstanding can be converted into common shares of the Company at a conversion price of C$5.56 per share. In August 2019, the Company drew down the initial advance of $5.4 million (C$7.0 million) (the "First Drawdown").

Management’s Discussion and Analysis - Page 15
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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On August 6, 2020, the Company completed an amendment with Beedie on its Loan Facility (the "Loan Amendment"). As part of the Loan Amendment: (i) Beedie converted C$6.0 million of the First Drawdown; (ii) the Company drew down the remaining undrawn C$5.0 million available from the Loan Facility with a conversion price of C$9.90 per share; (iii) the Loan Facility was increased by an aggregate C$20.0 million. All future advances will have a minimum amount of C$2.5 million and each advance will have its own conversion price based on a 20% premium to the 30-day Volume Weighted Average Price ("VWAP") of the Company's shares on the date of such advance; (iv) if for a period of 30 consecutive trading days the 30-day VWAP is at a 50% premium above any or all of the conversion prices, the Company may elect to convert the principal amount outstanding under the Loan Facility at the respective conversion prices; and (v) the standby fee on all undrawn funds available under the Loan Facility will bear an interest rate of 1.5%.

In August 2020, as per the terms of the Loan Amendment, Beedie converted C$6.0 million of the First Drawdown at a conversion price of C$5.56 per share for a total of 1,079,136 common shares of the Company. In October 2020, Beedie converted the remaining C$1.0 million of the First Drawdown at a conversion price of C$5.56 per share for a total of 179,856 common shares of the Company.

In August 2020, as per the terms of the Loan Amendment, the Company drew down $3.8 million (C$5.0 million) (the "Second Drawdown"), at a conversion price of C$9.90 per share. In March 2021, Beedie converted the entire C$5.0 million from the Second Drawdown at a conversion price of C$9.90 per share for a total of 505,050 common shares of the Company.

For the three months ended March 31, 2022, the Company recognized finance charges of less than $0.1 million (March 31, 2021 - $0.1 million), related to costs associated with the Amended Loan Facility, including standby fees on the undrawn portion of the Amended Loan Facility, as well as set up and other associated costs.

Management’s Discussion and Analysis - Page 16
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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Other Loans

In connection with the Castle Mountain acquisition in October 2021, the Company entered into a $5.0 million loan agreement with the arm's length seller bearing interest at a rate of 4.0% per annum until fully repaid. As per the terms of the agreement the principal amount and any accrued interest will be repaid no later than twenty months from the closing date of the acquisition.

Cash Flows from Operating Activities

During Q1 2022, cash used in operating activities was $0.3 million and was primarily the result of a net loss of $2.2 million, partially offset by $2.0 million for items not affecting cash, and by a $0.1 million decrease in non-cash working capital items. During Q1 2021, net cash generated from operating activities was $0.1 million and was primarily as a result of a net loss of $2.4 million, partially offset by $1.9 million for items not affecting cash, and by a $0.5 million increase in non-cash working capital items.

Cash Flows from Investing Activities

During Q1 2022, cash used in the Company's investing activities was $1.0 million and was primarily related to the acquisition of royalties and streams. During Q1 2021, cash used in the Company's investing activities was $14.7 million and was primarily related to the acquisition of royalties and streams.

Cash Flows from Financing Activities

During Q1 2022, cash provided by the Company's financing activities was $2.2 million, which was primarily comprised of $2.2 million in net proceeds from the 2021 ATM Program, $0.2 million from the exercise of stock options, partially offset by $0.2 million of finance charges and interest payments. During Q1 2021, cash provided by the Company's financing activities was $13.5 million, which was primarily comprised of the drawdown $4.0 million from the Amended Loan Facility, $0.1 million from the exercise of stock options, $9.5 million in proceeds from the at-the-market offerings, partially offset by $0.1 million of finance charges and interest payments.

At-The-Market Equity Program

2021 ATM Program

On May 14, 2021, the Company announced that it had entered into an equity distribution agreement (the "2021 Distribution Agreement") with a syndicate of agents (collectively, the "Agents") to establish an At-The-Market equity program (the "2021 ATM Program"). Under the 2021 ATM Program, the Company may distribute up to $35.0 million (or the equivalent in Canadian Dollars) in common shares of the Company (the "Offered Shares"). The Offered Shares will be sold by the Company, through the Agents, to the public from time to time, at the Company's discretion, at the prevailing market price at the time of sale. The net proceeds from the 2021 ATM Program will be used to finance the future purchase of royalties and streams and for general working capital purposes. The 2021 Distribution Agreement may be terminated at any time by the Company or the Agents and if not so terminated will terminate upon the earlier of (a) the date that the aggregate gross sales proceeds of the Offered Shares sold under the 2021 ATM Program reaches the aggregate amount of $35.0 million (or the equivalent in Canadian Dollars); or (b) June 1, 2022. For additional details about the 2021 ATM Program please see the press release by the Company dated May 14, 2021, and available on SEDAR at www.sedar.com and EDGAR at www.sec.gov.

From inception to March 31, 2022, the Company had distributed 1,970,608 common shares under the 2021 ATM Program at an average price of $8.19 per share for gross proceeds of $16.1 million, with aggregate commissions paid or payable to the Agents and other share issue costs of $0.9 million, resulting in aggregate net proceeds of $15.2 million. For Q1 2022, the Company distributed 348,443 common shares under the 2021 ATM Program at an average price of $6.88 per share for gross proceeds of $2.4 million, with aggregate commissions paid or payable to the Agents and other share issue costs of $0.2 million, resulting in aggregate net proceeds of $2.2 million. As at the date of this MD&A, the Company had distributed a total of 1,990,778 common shares under the ATM Program for gross proceeds of $16.3 million. The Company terminated the 2021 ATM Program in May 2022.

Management’s Discussion and Analysis - Page 17
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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Outstanding Share Data

As at the date of this MD&A the Company had the following:

44,560,182 common shares issued and outstanding;
2,745,938 stock options outstanding with a weighted average exercise price of C$6.96; and
417,054 unvested restricted share units.

Dividends

The Company's long-term goal is to pay out dividends with a target rate of up to 50% of the annualized operating cash flow of the Company, however, the timing and amount of the payment of a dividend is determined by the board of directors by taking into account many factors, including (but not limited to), an increase and stabilization in operating cash flows, and the potential capital requirements related to acquisitions. Going forward, the board of directors of the Company will continually assess the Company's business requirements and projected cash flows to make a determination on whether to pay dividends in respect of a particular quarter during its financial year.

Requirement for additional financing

Management believes that the Company's current operational requirements and capital investments can be funded from existing cash, cash generated from operations, and funds available under the Amended Loan Facility. If future circumstances dictate an increased cash requirement and we elect not to delay, limit, or eliminate some of our plans, we may raise additional funds through debt financing, the issuance of hybrid debt-equity securities, or additional equity securities. The Company has relied on equity financings and loans for its acquisitions, capital expansions, and operations. Capital markets may not be receptive to offerings of new equity from treasury or debt, whether by way of private placements or public offerings. The Company's growth and success may be dependent on external sources of financing which may not be available on acceptable terms.

TRANSACTIONS WITH RELATED PARTIES

The aggregate value of transactions and outstanding balances relating to key management personnel were as follows:

Key management compensation for the Company consists of remuneration paid to management (which includes Brett Heath, the Chief Executive Officer, and Saurabh Handa, the Chief Financial Officer) for services rendered and compensation for members of the Board of Directors (which includes Lawrence Roulston, E.B. Tucker, Alexander Molyneux, James Beeby, Douglas Silver, and Terry Krepiakevich) in their capacity as directors of the Company. During the three months ended March 31, 2022, the Company's key management compensation was as follows:

		Three months ended
		March 31,
		2022		2021
Salaries and fees	$	252,250	$	219,547
Share-based payments		868,406		765,397
	$	1,120,656	$	984,944

As at March 31, 2022, the Company had $Nil due to directors and management related to remuneration and expense reimbursements. As at March 31, 2022, the Company had $Nil due from directors and management related to the payment of withholding amounts.

Management’s Discussion and Analysis - Page 18
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this MD&A, the Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company, including, and without limitation, such considerations as liquidity and capital resources.

PROPOSED TRANSACTIONS

While the Company continues to pursue further transactions, there are no binding transactions of a material nature that have not already been disclosed publicly.

COMMITMENTS

Contractual Commitments

As at March 31, 2022, the Company had the following contractual commitments:

		Less than<br>1 year		1 to<br>3 years		Over<br>4 years		Total
Trade and other payables	$	570,659	$	-	$	-	$	570,659
Loans payable principal and interest payments ^(1)^		655,738		6,435,168		-		7,090,906
Payments related to acquisition of royalties and streams ^(2)^		-		5,333,151		-		5,333,151
Total commitments	$	1,226,397		11,768,319	$	-	$	12,994,716

(1) Payments required to be made on the Amended Loan Facility based on the closing balance as at March 31, 2022.

(2) Payments required for the completion of the Castle Mountain acquisition.

Contingent Commitments

In addition to the contractual commitments above, the Company could in the future have additional commitments payable in cash and/or shares related to the acquisition of royalty and stream interests. However, these payments are subject to certain triggers or milestone conditions that had not been met as of March 31, 2022.

As at March 31, 2022, the Company had the following contingent commitments:

the Company is obligated to make additional potential payments in connection with its acquisition of its royalty on the CentroGold project of $7.0 million payable in common shares upon receipt of all project licenses, the lifting or extinguishment of the injunction imposed on the CentroGold project with no pending appeals and, if necessary, the completion of any and all community relocations, and $4.0 million in cash upon the achievement of commercial production at the project;
the Company is obligated to make additional potential payments in connection with its acquisition of its royalty on the NuevaUnión copper-gold project of $0.5 million in cash and $0.5 million in common shares upon achievement of commercial production at the La Fortuna deposit in Chile; and
the Company is obligated to make additional potential payments in connection with its acquisition of its royalty on the Hoyle Pond Extension property, the Timmins West Extension property, and the DeSantis Mine property totalling C$5.0 million in cash and common shares upon achievement of various production milestones.

Management’s Discussion and Analysis - Page 19
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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FINANCIAL INSTRUMENTS

Classification

The Company classified its financial instruments as follows:

		As at
		March 31,		December 31,
		2022		2021
Financial assets
Amortized cost:
Cash	$	3,271,967	$	2,344,246
Royalty, derivative royalty, and stream receivables		1,188,917		1,175,602
Other receivables		155,385		125,571
Fair value through profit or loss:
Derivative royalty asset		3,597,211		4,034,007
Marketable securities		47,980		34,027
Total financial assets	$	8,261,460	$	7,713,453
Financial liabilities
Amortized cost:
Trade and other payables	$	570,659	$	1,089,219
Loans payable		10,770,202		10,514,644
Total financial liabilities	$	11,340,861	$	11,603,863

Fair value

Financial instruments recorded at fair value on the statement of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 - Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly; and
Level 3 - Inputs for assets and liabilities that are not based on observable market data.

The carrying value of cash, receivables, and accounts payable and accrued liabilities approximated their fair value because of the short-term nature of these instruments. Marketable securities are classified within Level 1 of the fair value hierarchy. Royalty, derivative royalty, and stream receivables that are receivable to the Company without further adjustments are classified as amortized cost. The fair value of the Company's loans payable is approximated by its carrying value as its interest rates are comparable to market interest rates. The derivative royalty asset was valued using inputs that are not observable, including a gold forward price curve, US$/A$ foreign exchange rates based on forward curves, and an estimated discount rate. Therefore, the derivate royalty asset is classified within Level 3 of the fair value hierarchy.

The Company's activities expose it to financial risks of varying degrees of significance which could affect its ability to achieve its strategic objectives for growth and shareholder returns. The principal financial risks to which the Company is exposed are credit risk and liquidity risk. The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework and reviews the Company's policies on an ongoing basis.

Management’s Discussion and Analysis - Page 20
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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Credit risk

Credit risk arises from cash deposits, as well as credit exposures to counterparties of outstanding receivables and committed transactions. There is no significant concentration of credit risk other than cash deposits. The Company's cash deposits are primarily held with a Canadian chartered bank. Receivables include goods and service tax refunds due from the Canadian federal government. The carrying amount of financial assets recorded in the financial statements represents the Company's maximum exposure to credit risk. The Company believes it is not exposed to significant credit risk and overall, the Company's credit risk has not declined significantly from the prior year.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by continuing to monitor forecasted and actual cash flows. The Company has in place a planning and budgeting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis and its development plans. The Company strives to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from royalty interests, its holdings of cash, and its committed liabilities. The maturities of the Company's non‐current liability are disclosed in Note 8 of the Company's condensed interim consolidated financial statements for the three months ended March 31, 2022. All current liabilities are settled within one year.

Currency risk

NON-IFRS FINANCIAL MEASURES

The Company has included, in this document, certain performance measures, including (a) attributable GEOs, (b) average cash cost per attributable GEO, (c) average realized price per attributable GEO, (d) operating cash margin per attributable GEO, which is based on the two preceding measures, and (e) adjusted EBITDA. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently.

Attributable Gold Equivalent Ounces (GEOs)

Attributable GEOs are composed of gold ounces attributable to the Company, plus an amount calculated by taking the revenue earned by the Company in the period from payable silver ounces attributable to the Company divided by the average London fix price of gold for the relevant period, plus an amount calculated by taking the cash received or accrued by the Company in the period from the derivative royalty asset divided by the average London fix gold price for the relevant period. Included in the calculation of attributable GEOs is any cash received from the Higginsville PPR royalty, which is accounted for as a derivative royalty asset, as such any payments received under this royalty are treated as a reduction in the carrying value of the asset on the Company's statement of financial position and not shown as revenue on the Company's statement of profit and loss. However, operationally as the Company receives payment similar to the Company's other royalty interests, the results have been included here for more accurate comparability and to allow the reader to accurately analyze the operations of the Company. For additional details on the derivative royalty asset see Note 5 of the Company's condensed interim consolidated financial statements for the three months ended March 31, 2022.

Management’s Discussion and Analysis - Page 21
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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Attributable GEOs are composed of:

payable gold ounces attributable to the Company; plus
an amount calculated by taking the revenue earned by the Company in the period from payable silver ounces attributable to the Company divided by the average London fix price of gold for the relevant period; plus
an amount calculated by taking the cash received or accrued by the Company in the period from the derivative royalty asset divided by the average London fix gold price for the relevant period.

The Company presents attributable GEOs as it believes that certain investors use this information to evaluate the Company's performance in comparison to other streaming companies in the precious metals mining industry who present results on a similar basis.

Average cash cost per attributable GEO

Average cash cost per attributable GEO is calculated by dividing the Company's total cash cost of sales, excluding depletion by the number of attributable GEOs. The Company presents average cash cost per attributable GEO as it believes that certain investors use this information to evaluate the Company's performance in comparison to other streaming companies in the precious metals mining industry who present results on a similar basis.

The Company's average cash cost per attributable GEO for the three months ended March 31, 2022, was:

		Three months ended
		March 31,
		2022		2021
Cost of sales for NLGM^(1)^	$	3,625	$	8,443
Total cash cost of sales		3,625		8,443
Total attributable GEOs		724		731
Average cash cost per attributable GEO	$	5	$	12

(1) Adjusted for the Company's proportionate share of NLGM held by Silverback.

Average realized price per attributable GEO

Average realized price per attributable GEO is calculated by dividing the Company's revenue, excluding any revenue earned from fixed royalty payments, and including cash received or accrued in the period from derivative royalty assets, by the number of attributable GEOs sold.

The Company presents average realized price per attributable GEO as it believes that certain investors use this information to evaluate the Company's performance in comparison to other streaming companies in the precious metals mining industry that present results on a similar basis.

Management’s Discussion and Analysis - Page 22
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
---

The Company's average realized price per attributable GEO for the three months ended March 31, 2022, was:

		Three months ended
		March 31,
		2022		2021
Royalty revenue	$	668,997	$	674,585
Payments from derivative assets^(3)^		623,286		521,308
Revenue from NLGM^(1)^		36,248		84,429
Sales from stream and royalty interests		1,328,531		1,280,322
Total attributable GEOs sold		724		731
Average realized price per attributable GEO	$	1,835	$	1,751
Operating cash margin per attributable GEO^(2)^	$	1,830	$	1,739

(1) Adjusted for the Company's proportionate share of NLGM held by Silverback.

(2) Operating cash margin per attributable GEO is calculated by subtracting from the average realized price per attributable GEO, the average cash cost per attributable GEO.

(3) The Higginsville PPR is accounted for as a derivative royalty asset, as such any payments received under this royalty are treated as a reduction in the carrying value of the asset on the statement of financial position and not shown as revenue on the Company's statement of profit and loss. However, operationally the Company is paid for the ounces sold similar to the Company's other royalty interests, therefore the results have been included here for more accurate comparability and to allow the reader to accurately analyze the operations of the Company. For additional details on the derivative royalty asset see Note 5 in the Company's condensed interim consolidated financial statements for the three months ended March 31, 2022.

Adjusted EBITDA

Management uses Adjusted EBITDA to evaluate the Company's operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company presents Adjusted EBITDA as it believes that certain investors use this information to evaluate the Company's performance in comparison to other streaming companies in the precious metals mining industry who present results on a similar basis. However, Adjusted EBITDA does not represent, and should not be considered an alternative to, net income (loss) or cash flow provided by operating activities as determined under IFRS.

The Company's adjusted EBITDA for the three months ended March 31, 2022, was:

		Three months ended
		March 31,
		2022			2021
Net loss	$	(2,232,219	)	$	(2,377,724	)
Adjusted for:
Interest expense		320,203			167,453
Finance charges		34,922			55,135
Income tax provision		90,270			52,352
Depletion		530,803			474,156
Foreign exchange loss		82,214			132,672
Share-based payments ^(1)^		1,202,464			993,721
Adjusted EBITDA	$	28,657		$	(502,235	)

(1) Includes stock options and restricted share units.

Management’s Discussion and Analysis - Page 23
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of consolidated financial statements in conformance with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The Company's significant accounting policies and estimates are disclosed in Note 2 of the Company's consolidated financial statements for the year ended December 31, 2021.

DISCLOSURE CONTROLS AND INTERNAL CONTROLS OVER FINANCIAL REPORTING

Disclosure Controls and Procedures

The Company's Disclosure Controls and Procedures ("DCP") are designed to provide reasonable assurance that information required to be disclosed in reports filed or submitted by the Company under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms and include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports filed or submitted by the Company under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as appropriate to allow timely decisions regarding required disclosure.

The CEO and CFO have evaluated whether there were changes to the DCP during the three months ended March 31, 2022, that have materially affected, or are reasonably likely to materially affect, the DCP. No such changes were identified through their evaluation.

Internal Controls Over Financial Reporting

Management of the Company, with participation of the CEO and CFO, is responsible for establishing and maintaining adequate Internal Control over Financial Reporting ("ICFR"). Management has used the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") to evaluate the effectiveness of the Company's internal control over financial reporting.

The Company's ICFR is designed to provide reasonable assurance regarding the reliability of the Company's financial reporting for external purposes in accordance with IFRS as issued by the IASB. The Company's ICFR includes:

maintaining records, that in reasonable detail, accurately and fairly reflect our transactions and dispositions of the assets of the Company;
providing reasonable assurance that transactions are recorded as necessary for preparation of the consolidated financial statements in accordance with IFRS as issued by the IASB;
providing reasonable assurance that receipts and expenditures are made in accordance with authorizations of management and the directors of the Company; and
providing reasonable assurance that unauthorized acquisition, use or disposition of Company assets that could have a material effect on the Company's consolidated financial statements would be prevented or detected on a timely basis.

The Company's ICFR may not prevent or detect all misstatements because of inherent limitations. Additionally, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with the Company's policies and procedures.

Management’s Discussion and Analysis - Page 24
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
---

Changes in ICFR

There has been no change in our internal control over financial reporting during the three months ended March 31, 2022, which has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Limitations of Controls and Procedures

The Company's management, including the CEO and CFO, believe that any disclosure controls and procedures or internal controls over financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override of the control. The design of any systems of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

RISK FACTORS

The Company's ability to generate revenues and profits from its natural resource properties is subject to a number of risks and uncertainties. For a full discussion on the risk factors affecting the Company, please refer to the Company's Annual Information Form dated March 24, 2022, which is available on www.sedar.com.

CAUTIONARY STATEMENT REGARDING MINERAL RESERVE AND RESOURCE ESTIMATES

Unless otherwise indicated, all of the mineral reserves and mineral resources disclosed in this MD&A have been prepared in accordance with NI 43-101. Canadian standards for public disclosure of scientific and technical information concerning mineral projects differ significantly from the requirements adopted by the United States Securities and Exchange Commission (the "SEC"). Accordingly, the scientific and technical information contained in this MD&A, including estimates of mineral reserves and mineral resources, may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.

QUALIFIED PERSONS

The technical information contained in this MD&A has been reviewed and approved by Charles Beaudry, geologist M.Sc., member of the Association of Professional Geoscientists of Ontario and of the Ordre des Géologues du Québec and a director of Metalla. Mr. Beaudry is a Qualified Person as defined in "National Instrument 43-101 Standards of disclosure for mineral projects".

Management’s Discussion and Analysis - Page 25
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
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CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

This MD&A contains "forward-looking information" and "forward-looking statements" (collectively. "forward-looking statements") within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this MD&A only and the Company does not intend to and does not assume any obligation to update updated forward-looking information, except as required by applicable law. For this reason and the reasons set forth below, investors should not place undue reliance on forward looking ‎statements.‎

All statements included herein that address events or developments that we expect to occur in the ‎future are ‎forward-looking statements. Generally forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements in this MD&A include, but are not limited to, statements regarding:

future events or future performance of Metalla;
the completion of the Company's royalty purchase transactions;
the Company's plans and objectives;
the Company's future financial and operational performance;
expectations regarding stream and royalty interests owned by the Company;
the satisfaction of future payment obligations, contractual commitments and contingent commitments by Metalla;
the future achievement of any milestones in respect of the payment or satisfaction of contingent ‎‎consideration by Metalla‎, including the payment of the remaining $5.0 million purchase price for the Castle Mountain royalty and the additional ‎contingent payments of up to $11.0 million for the CentroGold royalty;
the effectiveness, and potential use and benefit of the Company’s final short form base shelf prospectus and Form F-10 registration statement;
the future availability of funds, including drawdowns pursuant to the Amended Loan Facility;
the effective interest rate of drawdowns under the Amended Loan Facility and the life expectancy thereof;
the future conversion of funds drawn down by ‎Metalla under the Amended Loan Facility;
the completion by property owners of announced drilling programs, capital expenditures, and other planned activities in relation to properties on ‎which the Company and its subsidiaries hold a royalty or streaming interest and the expected timing thereof;
production and life of mine estimates or forecasts at the properties on which the Company and its subsidiaries hold a royalty ‎or streaming interest‎;
future disclosure by property owners and the expected timing ‎thereof; ‎
the completion by property owners of announced capital expenditure programs;
the potential restart of the Endeavor mine;
the new mine plan at NLGM and the expected average annual production thereunder;
the achievement of production at the Côté Gold Project and the anticipated timing thereof;
the continuation of drilling at Del Carmen in the winter season of 2022;
the progression and completion of the Fifteen Mile Stream Feasibility Study in September 2023;
the expansion of mineral resources at Santa Gertrudis and Agnico's plan to test high grade structure extensions at the Amelia deposit and explore new targets;
the expected $19.0 million in capital expenditures by Agnico at Santa Gertrudis and the potential expansion of mineral ‎resources thereon;
the completion of pre-stripping activities at El Realito and the expected timing thereof;‎
the start of mining operations at the Beaufor Mine and Beacon Mill and the expected timing thereof;
the expected timing of Phase 2 permit application for Castle Mountain;
future opportunities for Equinox Gold to move South Domes earlier in the mine plan at Castle Mountain;

Management’s Discussion and Analysis - Page 26
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
---

the potential for the Castle Mountain mine to become one of Equinox Gold's largest assets;‎
expected timing of the preliminary economic assessment at the Tower Gold project by Moneta;
expected timing of the environmental impact assessment at Wasamac by Yamana;
the completion of two drilling campaigns at Tocantinzinho and the anticipated timing thereof;
the completion of project optimization and detailed engineering at Tocantinzinho and the anticipated timing thereof;
the replacement of mineral reserve depletion and addition of mineral resources at the Fosterville mine;
the potential production at the Wasamac project;
the future production at the Amalgamated Kirkland deposit and the anticipated timing thereof;
the amount and timing of the attributable GEOs expected by the Company in 2022;
the availability of cash flows from the Wharf, Higginsville, Joaquin, COSE and NLGM royalties and streams;
royalty payments to be paid to Metalla by property owners or operators of mining projects pursuant to ‎each royalty interest; ‎
the future outlook of Metalla and the mineral reserves and resource estimates for the properties with respect to which the ‎Metalla has or proposes to acquire an interest;‎
future gold and silver prices;‎
the impact of COVID-19 on the planned operations and programs on the properties in which Metalla holds, or may acquire, a royalty;
other potential developments relating to, or achievements by, the counterparties for the Company's stream and ‎royalty agreements, and with respect to the mines and other properties in which the Company has, or may ‎acquire, a stream or royalty interest;‎
costs and other financial or economic measures;‎
prospective transactions;
growth and achievements‎;
financing and adequacy of capital;
‎future payment of dividends;
future public and/or private placements of equity, debt or hybrids thereof; and
the Company's ability to fund its current operational requirements and capital projects.

Such forward-looking statements reflect management's current beliefs and assumptions and are based on information currently available to management.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statements, including, without limitation:

risks related to epidemics, pandemics or other public health crises, including COVID-19 global health pandemic, and the spread of other viruses or pathogens, and the ‎potential impact thereof on Metalla's business, operations and financial condition; ‎
risks related to commodity price fluctuations;‎
the absence of control over mining operations from which Metalla will purchase precious metals ‎pursuant to gold streams, silver streams and other agreements or from which it will receive royalty payments pursuant to net smelter ‎returns, gross overriding royalties, gross value royalties and other royalty agreements or interests and risks related to those mining operations, including risks related to ‎international operations, government and environmental regulation, delays in mine construction ‎and operations, actual results of mining and current exploration activities, conclusions of ‎economic evaluations and changes in project parameters as plans are refined;‎
risks related to exchange rate fluctuations;‎
that payments in respect of streams and royalties may be delayed or may never be made;‎
risks related to Metalla's reliance on public disclosure and other information regarding the mines or ‎projects underlying its streams and royalties;‎

Management’s Discussion and Analysis - Page 27
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
---

that some royalties or streams may be subject to confidentiality arrangements that limit or prohibit ‎disclosure regarding those royalties and streams;‎
business opportunities that become available to, or are pursued by, Metalla;‎
that Metalla's cash flow is dependent on the activities of others;‎
that Metalla has had negative cash flow from operating activities;
risks related to the Côté and Gosselin properties;
that some royalty and stream interests are subject to rights of other interest-holders;‎
‎risks related to general business and economic conditions;
risks related to global financial conditions;‎
that Metalla is dependent on its key personnel;‎
risks related to Metalla's financial controls;‎
dividend policy and future payment of dividends;‎
competition;‎
risks related to the operators of the properties in which Metalla holds, or may acquire, a royalty or ‎stream or other interest, including changes in the ownership and control of such operators;‎
that Metalla's royalties and streams may have unknown defects;‎
that Metalla's royalties and streams may be unenforceable;‎
that Metalla may not be able to obtain adequate financing in the future or use the short form base shelf prospectus and the Form F-10 registration statement;‎
litigation;‎
risks related to Metalla's current credit facility and financing agreements;‎
title, permit or license disputes related to interests on any of the properties in which Metalla holds, or ‎may acquire, a royalty, stream or other interest;‎
interpretation by government entities of tax laws or the implementation of new tax laws;‎
changes to existing tax treatment;
credit and liquidity risk;‎
risks related to Metalla's information systems and cyber security;‎
risks posed by activist shareholders;‎
that Metalla may suffer reputational damage in the ordinary course of business;‎
risks related to acquiring, investing in or developing resource projects;‎
risks applicable to owners and operators of properties in which Metalla holds an interest;‎
exploration, development and operating risks;‎
risks related to climate change;‎ environmental risks;‎
that exploration and development activities related to mine operations are subject to extensive laws ‎and regulations;‎ that the operation of a mine or project is subject to the receipt and maintenance of permits from ‎governmental authorities;‎
risks associated with the acquisition and maintenance of mining infrastructure;‎
that Metalla's success is dependent on the efforts of operators' employees;‎
risks related to mineral resource and mineral reserve estimates;‎
that mining depletion may not be replaced by the discovery of new mineral reserves;‎ that operators' mining operations are subject to risks that may not be able to be insured against;‎
risks related to land title;‎ risks related to international operations;‎
risks related to operating in countries with developing economies;‎ risks associated with the construction, development and expansion of mines and mining projects;‎
risks associated with operating in areas that are presently, or were formerly, inhabited or used by ‎indigenous peoples;‎
that Metalla is required, in certain jurisdictions, to allow individuals from that jurisdiction to hold ‎nominal interests in Metalla's subsidiaries in that jurisdiction;‎
the volatility of the stock market;‎ that existing securityholders may be diluted;‎
risks related to Metalla's public disclosure obligations;‎
risks associated with future sales or issuances of debt or equity securities;‎

Management’s Discussion and Analysis - Page 28
METALLA ROYALTY & STREAMING LTD.<br>MANAGEMENT’S DISCUSSION AND ANALYSIS<br>FOR THE THREE MONTHS ENDED MARCH 31, 2022<br>(Expressed in United States dollars, unless otherwise indicated)
---

risks associated with Metalla's ATM Program;‎
risks associated with the Amended Loan Facility;
that there can be no assurance that an active trading market for Metalla's securities will be sustained;‎
risks related to the enforcement of civil judgments against Metalla;
risks relating to Metalla potentially being a passive "foreign investment company" within the meaning ‎of U.S. federal tax laws; and
other factors identified and as described in more detail under the heading "Risk Factors" contained in this MD&A, and in the Company's Annual Information Form and Form 40-F Annual Report filed with regulators in Canada at www.sedar.com and the SEC at www.sec.gov.

Although Metalla has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Investors are cautioned that forward-looking statements are not guarantees of future performance. The Company cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements or information.

This MD&A contains future-orientated information and financial outlook information (collectively, "FOFI") about the Company's revenues from royalties, streams and other projects which are subject to the same assumptions, risk factors, limitations and qualifications set forth in the above paragraphs. FOFI contained in this MD&A was made as of the date of this MD&A and was provided for the purpose of providing further information about the Company's anticipated business operations. Metalla disclaims any intention or obligation to update or revise any FOFI contained in this MD&A, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this MD&A should not be used for the purposes other than for which it is disclosed herein.

Management’s Discussion and Analysis - Page 29

Metalla Royalty & Streaming Ltd. : Exhibit 99.5 - Filed by newsfilecorp.com

CONSENT OF CHARLES BEAUDRY

The undersigned hereby consents to the inclusion in the Management's Discussion & Analysis of Metalla Royalty & Streaming Ltd. (the "Company") for the period ended March 31, 2022 of references to the undersigned as a non-independent qualified person and the undersigned's name with respect to the disclosure of technical and scientific information contained therein.

The undersigned further consents to the inclusion or incorporation by reference of all references to the undersigned in the Company's Registration Statements on Form F-10 (No. 333-264810) and Form S-8 (Nos. 333-234659 and 333-249938). This consent extends to any amendments to the Form F-10 or Form S-8, including post-effective amendments.

/s/ Charles Beaudry
Charles Beaudry
May 13, 2022

Metalla Royalty & Streaming Ltd. : Exhibit 99.6 - Filed by newsfilecorp.com

METALLA REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2022 AND PROVIDES ASSET UPDATES

(All dollar amounts are in United States dollars unless otherwise indicated)

FOR IMMEDIATE RELEASE	TSXV: MTA<br><br> <br>NYSE American: MTA
May 13, 2022	****

Vancouver, Canada: Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company") (TSXV: MTA) (NYSE American: MTA) announces its operating and financial results for the three months ended March 31, 2022. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2022, please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.metallaroyalty.com.

Brett Heath, President, and CEO of Metalla, commented, "The first quarter of 2022 we focused on increasing our near-term cash flow with the amendment to the Beaufor royalty that is expected to be in production in the second half of 2022. We also expect El Realito, which is part of Angico Eagle’s La India mine, to start producing in the second half of 2022, which will increase our producing royalties to seven total. Although the market continues to be volatile, we believe Metalla’s asset base, and growth profile position the Company to have continued success."

FINANCIAL HIGHLIGHTS

During the three months ended March 31, 2022, and the subsequent period up to the date of this news release, the Company:

Amended an existing 1.0% NSR royalty on Monarch Mining Corporation's ("Monarch") Beaufor Mine ("Beaufor"). In consideration for $1.0 million paid in cash to Monarch, Monarch agreed to waive a clause stipulating that payments under the Net Smelter Returns ("NSR") royalty were only payable after 100 Koz of gold have been produced by Monarch following its acquisition of Beaufor. Payments under this NSR royalty will now begin upon initial production from the property.
2 -
for the three months ended March 31, 2022, received or accrued payments on 724 attributable Gold Equivalent Ounces ("GEOs") at an average realized price of $1,835 and an average cash cost of $5 per attributable GEO (see non-IFRS Financial Measures);
for the three months ended March 31, 2022, generated operating cash margin of $1,830 per attributable GEO, from the Wharf, Joaquin and COSE royalties, the New Luika Gold Mine ("NLGM") stream held by Silverback Ltd. ("Silverback"), the Higginsville derivative royalty asset, and other royalty interests (see non-IFRS Financial Measures);
for the three months ended March 31, 2022, recognized revenue from royalty and stream interests of $0.7 million, net loss of $2.2 million, and adjusted EBITDA of less than $0.1 million (see non-IFRS Financial Measures);
for the three months ended March 31, 2022, recognized payments due or received (not included in revenue) from the Higginsville derivative royalty asset of $0.6 million (see non-IFRS Financial Measures);
on May 14, 2021, announced the establishment of an at-the-market program (the “2021 ATM Program”) with a syndicate of agents. Under the 2021 ATM Program the Company may distribute up to $35.0 million (or the equivalent in Canadian dollars) in common shares of the Company. From inception to March 31, 2022, the Company distributed 1,970,608 common shares under the 2021 ATM Program at an average price of $8.19 per share for gross proceeds of $16.1 million, with aggregate commissions paid or payable and other share issue costs of $0.9 million, resulting in aggregate net proceeds of $15.2 million. For the three months ended March 31, 2022, the Company distributed 348,443 common shares under the 2021 ATM Program at an average price of $6.88 per share for gross proceeds of $2.4 million, with aggregate commissions paid or payable and other share issue costs of $0.2 million, resulting in aggregate net proceeds of $2.2 million. As of the date of this news release, the Company has distributed a total of 1,990,778 common shares under the 2021 ATM program for gross proceeds of $16.3 million; and
On May 12, 2022, the Company filed a new final short form base shelf prospectus and a corresponding registration statement on Form F-10 that are intended to replace the base shelf prospectus and Form F-10 registration statement previously filed by the Company in 2020, and to enhance the Company’s financial flexibility. In connection with this transition, the Company terminated its 2021 ATM Program.

ASSET UPDATES

Wharf Royalty

Metalla holds a 1.0% GVR royalty on the Wharf mine.

Higginsville Royalty

New Luika Silver Stream

Metalla holds a 15% interest in Silverback Ltd., whose sole business is receipt and distribution of a 100% silver stream on NLGM at an ongoing cost of 10% of the spot silver price.

Côté-Gosselin

Metalla holds a 1.35% NSR royalty that covers less than 10% of the Côté reserves and resources estimate and covers all of the Gosselin resource estimate.

Castle Mountain

Metalla holds a 5.0% NSR Royalty on the South Domes area of the Castle Mountain mine.

Garrison

Figure 1: Cross Section showing high grade intervals below the Garrcon resource pits (Source: Moneta Gold Inc. Press release on Step-out drilling at Garrcon, Tower Gold Project, issued March 24, 2022)

Metalla holds a 2% NSR Royalty on the Garrison project.

Wasamac

Metalla holds a 1.5% NSR royalty on the Wasamac project subject to a buy back of 0.5% for C$7.5 million.

Amalgamated Kirkland Property

Metalla holds a 0.45% NSR royalty on the Amalgamated Kirkland property.

El Realito

Metalla holds a 2.0% NSR royalty on the El Realito deposit which is subject to a 1.0% buyback right for $4.0 million.

Del Carmen

Metalla holds a 0.5% NSR royalty on the Del Carmen project which is the Argentine portion of the Alturas-Del Carmen project in the prolific El Indio belt.

Beaufor Mine

Metalla holds a 1.0% NSR royalty on the Beaufor mine.

San Luis

Metalla holds a 1.0% NSR royalty on the San Luis project.

Fifteen Mile Stream

Metalla holds a 1.0% NSR Royalty on the Fifteen Mile Stream project, and 3.0% NSR Royalty on the Plenty and Seloam Brook deposits.

Santa Gertrudis

Metalla holds a 2.0% NSR royalty on Santa Gertrudis subject to Agnico's right to buy back 1.0% for $7.5 million.

Tocantinzinho

Metalla holds a 0.75% GVR royalty on the Tocantinzinho project.

Fosterville

Metalla holds a 2.5% GVR royalty on the Northern and Southern extensions of the Fosterville mining license and other areas in the land package.

CentroGold

Metalla holds a 1.0-2.0% NSR royalty on the CentroGold project.

Endeavor Silver Stream

In a news release dated April 28, 2022, Sandfire Resources Ltd. ("Sandfire") reported that during the first quarter of 2022 it had withdrawn from the Endeavor joint venture agreement with CBH Resources Limited ("CBH"). The project will continue to be held 100% by CBH Resources, a subsidiary of Toho Zinc. After decades of operation, CBH suspended mining operations at the Endeavor Mine in December 2019 and placed it into care and maintenance. With Sandfire's decision to terminate the joint venture agreement with CBH, the Company has reclassified the Endeavor silver stream from a production stage asset to a development stage asset, and Metalla will continue to monitor the next steps taken by CBH with the property, especially in the current zinc price environment.

Camflo

Metalla holds a 1.0% NSR royalty on the Camflo mine, located ~1km northeast of the Canadian Malartic operation.

Montclerg

Metalla holds a 1.0% NSR Royalty on the Montclerg property.

Tower Stock

Metalla holds a 2.0% NSR Royalty on the Tower Stock project.

Detour DNA

On April 28, 2022, Agnico reported that exploration plans will investigate the Sunday Lake deformation zone along strike to the west and east of the mine.

Metalla holds a 2.0% NSR royalty on the Detour DNA property which is ~7km west of the Detour West reserve pit margin.

Fortuity 89

Metalla holds a 2.0% NSR royalty on the Fortuity 89 project.

QUALIFIED PERSON

The technical information contained in this news release has been reviewed and approved by Charles Beaudry, geologist M.Sc., member of the Association of Professional Geoscientists of Ontario and of the Ordre des Géologues du Québec and a director of Metalla. Mr. Beaudry is a QP as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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ABOUT METALLA

Metalla is a precious metals royalty and streaming company. Metalla provides shareholders with leveraged precious metal exposure through a diversified and growing portfolio of royalties and streams. Our strong foundation of current and future cash-generating asset base, combined with an experienced team gives Metalla a path to become one of the leading gold and silver companies for the next commodities cycle.

For further information, please visit our website at www.metallaroyalty.com

ON BEHALF OF METALLA ROYALTY & STREAMING LTD.

(signed) "Brett Heath"

President and CEO

CONTACT INFORMATION

Metalla Royalty & Streaming Ltd.

Brett Heath, President & CEO

Phone: 604-696-0741

Email: [email protected]

Kristina Pillon, Investor Relations

Phone: 604-908-1695

Email: [email protected]

Website: www.metallaroyalty.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accept responsibility for the adequacy or accuracy of this release.

Non-IFRS Measures

The items marked above are alternative performance measures and readers should refer to non-international financial reporting standards ("IFRS") financial measures in the Company's Management's Discussion and Analysis for the three months ended March 31, 2022, as filed on SEDAR and as available on the Company's website for further details. Metalla has included certain performance measures in this press release that do not have any standardized meaning prescribed by IFRS including (a) attributable gold equivalent ounces (GEOs), (b) average cash cost per attributable GEO, (c) average realized price per attributable GEO, (d) operating cash margin per attributable GEO, which is based on the two preceding measures, and (e) adjusted EBITDA. In the precious metals mining industry, this is a common performance measure but does not have any standardized meaning. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. The presentation of these non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these non-IFRS measures differently.

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Technical and Third-Party Information

Metalla has limited, if any, access to the properties on which Metalla holds a royalty, stream or other interest. Metalla is dependent on (i) the operators of the mines or properties and their qualified persons to provide technical or other information to Metalla, or (ii) publicly available information to prepare disclosure pertaining to properties and operations on the mines or properties on which Metalla holds a royalty, stream or other interest, and generally has limited or no ability to independently verify such information. Although Metalla does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Some information publicly reported by operators may relate to a larger property than the area covered by Metalla's royalty, stream or other interests. Metalla's royalty, stream or other interests can cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, resources and production of a property.

Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this press release, ‎including any ‎references to mineral resources or mineral reserves, was prepared in accordance with Canadian ‎National Instrument 43-101 ‎‎("NI 43-101"), which differs significantly from the requirements of the U.S. Securities and ‎Exchange Commission (the "SEC") ‎applicable to U.S. domestic issuers. Accordingly, the scientific and technical ‎information contained or referenced in this press ‎release may not be comparable to similar information made ‎public by U.S. companies subject to the reporting and ‎disclosure requirements of the SEC.‎

‎

"Inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to ‎their ‎economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ‎ever be ‎upgraded to a higher category. Historical results or feasibility models presented herein are not guarantees ‎or expectations of ‎future performance.‎

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward looking statements") within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them except as required by applicable law.

A ll statements included herein that address events or developments that we expect to occur in the ‎ future are ‎ forward-looking statements. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “does not expect”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information include, but are not limited to, the successful completion of certain milestones in respect to the CentroGold project; the satisfaction of future payment obligations and contingent commitments by Metalla, including the payment of the remaining $5.0 million purchase price for the Castle Mountain royalty and the additional contingent payments of up to $11.0 million for the CentroGold royalty; the effectiveness, and potential use and benefit of, the Company’s final short form base shelf prospectus and Form F-10 registration statement; the future availability of funds pursuant to the Beedie Loan Facility ; the future conversion of funds drawn down by Metalla under the Beedie Loan Facility ; the completion by property owners of announced drilling programs, capital expenditures, and other planned activities in relation to properties on which the Company and its subsidiaries hold a royalty or streaming interest and the expected timing thereof ; production and life of mine estimates or forecasts at the properties on which the Company and its subsidiaries hold a royalty or streaming interest; future disclosure by property owners and the expected timing thereof; the completion by property owners of announced capital expenditure programs; the estimated production at Wharf, Higginsville, Beta Hunt, NLGM and La India ; the new mine plan at NLGM and the expected average annual production thereunder; ‎ the continuation of drilling at Del Carmen in the winter season of 2022; the progression and completion of the Fifteen Mile Stream Feasibility Study in September 2023; the expansion of mineral resources at Santa Gertrudis and Agnico’s plan to test high grade structure extensions at the ‎ Amelia deposit and explore new targets; ‎ the expected $19.0 million in capital expenditures by Agnico at Santa Gertrudis and the potential expansion of mineral resources thereon; the completion of pre-stripping activities at El Realito and the expected timing thereof; the future start of mining operations at the Beaufor Mine and Beacon Mill and the expected timing thereof; ‎ the progression of the court injunction removal at the CentroGold property ‎; Equinox Gold’s expectation to submit Phase 2 permit application for Castle Mountain; ‎ future opportunities for Equinox Gold to move South Domes earlier in the mine plan at Castle Mountain; the potential for Castle Mountain mine to become one of Equinox Gold’s largest assets; expected timing of the preliminary economic assessment at the Tower Gold project by Moneta; expected timing of the environmental impact assessment at Wasamac by Yamana; the completion of two drilling campaigns at Tocantinzinho and the anticipated timing thereof; the completion of project optimization and detailed engineering at Tocantinzinho and the anticipated timing ‎ thereof; the replacement of mineral reserve depletion and addition of mineral resources at the Fosterville mine; the potential production at the Wasamac project; the future production at the Amalgamated Kirkland deposit and the anticipated timing thereof; ‎ the completion of the ‎ environmental impact assessment by Yamana ‎ and the anticipated timing thereof; ‎ ‎ ‎‎ the amount and timing of the attributable GEOs expected by the Company in 2022; the future production at El Realito and the anticipated timing thereof; the increase of producing royalties to seven; future expectations regarding the royalties and streams of Metalla ‎ ; royalty payments to be paid to Metalla by property owners or operators of mining projects pursuant to ‎ each royalty; the mineral reserves and resource estimates for the properties with respect to which the Company ‎ has or proposes to acquire an interest; ‎ future gold and silver prices; ‎ other potential developments relating to, or achievements by the counterparties for Metalla’s stream and ‎ royalty agreements, and with respect to the mines and other properties in which Metalla has, or may ‎ acquire, a stream or royalty interest; ‎ and estimates of future production, costs and other financial or economic measures.

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Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Metalla to control or predict, that may cause Metalla's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: risks associated with the impact of general business and economic conditions; the absence of control over mining operations from which Metalla will purchase precious metals or from which it will receive stream or royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine development, construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans are refined; problems related to the ability to market precious metals or other metals; industry conditions, including commodity price fluctuations, interest and exchange rate fluctuations; interpretation by government entities of tax laws or the implementation of new tax laws; regulatory, political or economic developments in any of the countries where properties in which Metalla holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Metalla holds a royalty or stream or other interest, including changes in the ownership and control of such operators; risks related to global pandemics, including the novel coronavirus (COVID-19) global health pandemic, and the spread of other viruses or pathogens; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Metalla; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Metalla holds a royalty, stream or other interest; the volatility of the stock market; competition; future sales or issuances of debt or equity securities; use of proceeds; dividend policy and future payment of dividends; liquidity; market for securities; enforcement of civil judgments; and risks relating to Metalla potentially being a passive foreign investment company within the meaning of U.S. federal tax laws, as the other risks and uncertainties disclosed under the heading “Risk Factors” in the Company’s most recent Annual Information Form, annual report on Form 40-F and other documents filed with or submitted to the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com and the U.S. Securities and Exchange Commission on the EDGAR website at www.sec.gov. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.